As the carnage in emerging markets continues, policy makers may have no option but to resort to more aggressive measures to shore-up confidence in their battered currencies, analysts say.
They add that the options available include stepping up the pace of interest rate hikes, while talk of capital controls to stem the outflow of foreign cash is also growing.
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Brazil on Wednesday lifted its key interest rate to a 16-month high of 9 percent in a bid to rebuild confidence in one of South America's largest economies, while Indonesia, Southeast Asia's biggest economy, is expected to follow suit when its central bank holds an emergency meeting on Thursday.
Brazil and Indonesia, alongside India, Turkey and South Africa, have been the hardest hit countries in a brutal sell off in emerging markets, triggered by expectations for an unwinding of the U.S. monetary stimulus that has provided global markets with ample liquidity in recent years.
Analysts told CNBC that capital controls, seen as a last resort when a country runs out monetary policy options to stabilize its economy and confidence in a crisis, is one option that may be considered by pummeled emerging markets.