IMF: local currency lending cushioned crisis blow
A paper published by the IMF in April shows that the propagation of the global credit crunch was significantly more muted in countries where most foreign banks' lending was channelled in domestic currency.
The recent global financial turmoil raised questions about the stability of foreign banks' financing to emerging market countries. While foreign banks' lending growth to most emerging-market regions contracted sharply following the collapse of Lehman Brothers in late 2008, lending to
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