Lastly, the fall in oil prices has negatively affected revenue projections of oil-exporting countries and their currencies’ exchange rates. While emerging market currencies generally track inflation differentials over the long run, large moves in the crude oil price have directly affected exporters’ currencies in the short-term, because of a perceived diminished value in export flow revenue.
Regulatory, supervisory and financial stability matters Turning to regulatory and financial stability matters, the global financial crisis has necessitated, among other things, a serious regulatory reform agenda in order to address the excesses of the period leading up to it; anchor future economic growth and ensure a sound regulatory and financial stability framework.