Valuation of equities and FX in emerging equity markets

REER = real effective exchange rate.
FX change implied by REER not shown for dysfunctional FX (valuation irrelevant if repatriation is not impeded).
Zimbabwe excluded (PB vs 5y median of 477).

Chart: Hasnain Malik Source: Bloomberg (9 May 2022), Tellimer Research Get the data