FACTBOX: Emerging central banks that are hiking interest rates

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LONDON (Aug 15): Emerging market economies have seen a steady stream of interest rate rises, as central banks are battling to contain inflationary pressures or act to steady their currencies.

In July, interest rate rises by major emerging market central banks outstripped rate cuts for the third straight month, as this graphic shows.

Below is a list of emerging market countries that have raised interest rates in recent months.

INDONESIA: The central bank has stepped up its battle to defend a beleaguered currency, raising interest rates for the fourth time since mid-May on Aug 15, as Turkey's financial crisis ripples across emerging markets.

ARGENTINA: The central bank ramped up its benchmark interest rate to 45% from 40% on Aug 13, after the peso currency tumbled in response to a local corruption scandal and the currency crisis in Turkey. Policy makers also said they would issue less short-term debt — a move that is consistent with the US$50 billion standby agreement the country struck with the IMF earlier in the year.

THE PHILIPPINES: Policymakers administered the biggest rate hike in 10 years on Aug 9, ramping up key interest rates by 50 basis points to 4.0% and leaving the door open for further policy tightening to fight high inflation, despite economic growth losing steam.

CZECH REPUBLIC: The Czech central bank raised its benchmark interest rate by 25 basis points to 1.25% on Aug 2 — its third hike this year — and held out the possibility of another increase, soon as it seeks to corral inflation in the strong economy and compensate for a weak currency.

INDIA: The Reserve Bank of India raised interest rates for the second straight meeting on Aug 1, lifting the repo rate to 6.5%, but retained its "neutral" stance, as it aimed to contain inflation while not choking growth.

DOMINICAN REPUBLIC: The central bank raised the benchmark interest rate by 25 basis points to 5.50% on July 26.

PAKISTAN: Faced with increasing inflationary pressure in the wake of a currency depreciations, the central bank upped interest rates by 100 basis points to 7.5% on July 14, adding to a hike in May.

UKRAINE: In a surprise move, the central bank unexpectedly raised its main interest rate by half a percentage point to 17.5% on July 12, warning that delays to the country's US$17.5 billion International Monetary Fund loan programme posed a risk to economic stability.

TRINIDAD AND TOBAGO: The central bank raised the repo rate by 25 basis points to 5.00% on June 29.

MEXICO: On June 21, policy makers at the central bank decided in a unanimous decision to raise its benchmark interest rate 25 basis points to 7.75% in a bid to counteract the effects of a peso slump and keep a downward inflation trend on track.

TUNISIA: The central bank raised its key interest rate to 6.75% from 5.75% on June 13, the second hike in three months, to tackle inflation that has reached the highest level since 1990.

TURKEY: Policy makers hiked its top interest rate by 125 basis points to 17.75% on June 7 — just two weeks after a rise of 300 basis points. Turkey has been engulfed in a currency crisis, with investors concerned over the escalating standoff between Washington and Ankara as the country's economy faces a gaping current account deficit and sharply rising inflation.

MALAYSIA: The country became the first Southeast Asian economy in years to raise interest rates on Jan 25, when Bank Negara Malaysia raised its main overnight policy rate by 25 basis points to 3.25%.

ROMANIA: The central bank has raised rates three times already this year, hiking rates by 25 basis points to 2.50% in its last move on May 7, in its battle to curb a sharp jump in inflation.

GEORGIA: The central lifted its key interest rate to 7.25%, from 7% on Dec 13, after its forecasts suggested inflation would overshoot the bank's 4% target.

Dollar pegs

After the U.S. Federal Reserve's June 13 decision to raise its target range for the federal funds interest rate by a quarter of a percentage point, the following countries also hiked their rates by 25 bps, because their currencies are pegged to the U.S. dollar:

HONG KONG raised the base rate charged through its overnight discount window to 2.25 percent on June 14.

SAUDI ARABIA raised its reverse repo rate to 2% on June 13.

BAHRAIN raised its key policy interest rate to 2.25% on the one-week deposit facility, while the overnight deposit rate was raised to 2%.

UNITED ARAB EMIRATES raised its repo rate to 2.25%.

KUWAIT, however, held steady in June after raising its main rate to 3.0% on March 21, when the U.S. Federal Reserve hiked its rates by the same margin to 1.5%-1.75%. It was Kuwait's first rate increase since March last year.