February 20, 2014 / 9:25 PM / in 4 years

G20 should do more to help stabilise emerging markets-Russia

SYDNEY, Feb 21 (Reuters) - The Group of 20 meeting of finance ministers and central bank chiefs needed to discuss the impact on emerging markets of the U.S. Federal Reserve’s winding back of stimulus, a top Russian central banker said on Friday.

Ksenia Yudaeva, first deputy governor of the Bank of Russia, told a conference in Sydney ahead of the weekend G20 meeting that more cooperation was needed between global central banks to help stabilise markets.

“One of the agendas that are clear to me that finance ministers and central bankers need to discuss even at today’s meeting and tomorrow’s meeting and throughout this year, is the situation in emerging markets, the reaction of markets to the Fed’s tapering,” said Yudaeva.

Earlier this week, Russia’s central bank warned that investors were likely to steer clear of emerging markets as the U.S. Federal Reserve winds down its monetary stimulus. That will dry up a stream of money that had been flowing into the developing world.

The bank said the rouble’s weakening at the end of 2013 and the beginning of 2014 could add to inflation, predicted that the effect would be offset by weak demand.

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