By Tuba Sahin
ANKARA (AA) - Emerging Markets (EM) saw record-high portfolio outflows in March, pointing to a sudden stop due to uncertainties over coronavirus, and large oil price and financial shocks, according to a global trade group of financial institutions on Wednesday.
The U.S.-based Institute of International Finance's (IIF) data estimated that the EM securities suffered around $83.3 billion in outflows during March.
The EM debt outflows stood at $31 billion in the month, posting the second-largest monthly outflow on record (the first largest was in Oct. 2008).
The trade group noted that outflows from emerging equity funds hit $52.4 billion last month.
Meanwhile, net flows virtually stopped across emerging markets, with a reading of only $0.2 billion in February.