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Developing countries swap out of dollar debt to cut borrowing costs
By Joseph Cotterill, Christine Murray, and Joe Daniels
Financial Times, London
Tuesday, September 2, 2025
Developing countries are moving out of dollar debts and turning to currencies with rock-bottom interest rates such as the Chinese renminbi and Swiss franc.
The shift, embarked upon by indebted countries including Kenya, Sri Lanka and Panama, reflects the higher rates set by the U.S. Federal Reserve, which have angered President Donald Trump as well as increasing other countries' debt servicing costs.
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"The high level of interest rates and a steep U.S. Treasury yield curve ... has made USD financing more onerous for [developing] countries, even with relatively low spreads on emerging market debt," said Armando Armenta, vice-president for global economic research at AllianceBernstein.
"As a result, they are seeking more cost-effective options."
But he described many such shifts to cheaper, non-dollar financing as "temporary measures" by countries that had to "focus on lowering their financing needs." ...
... For the remainder of the report:
https://www.ft.com/content/36f82232-d970-405c-97f6-8ce98725684b
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