Emerging market countries are facing fresh pressure to raise interest rates, after Brazil warned that others would need to follow its lead in tightening monetary policy and Turkey’s central bank convened an emergency rate-setting meeting.

Alexandre Tombini, Brazil’s central bank governor, told the Financial Times that the “vacuum cleaner” of rising interest rates in the developed world would continue to suck money out of emerging markets and force other central banks to tighten policy to beat inflation.

The emerging markets sell-off continued yesterday with currencies and global equities taking a further hit. The Brazilian real tumbled to its weakest level in five months while the Turkish lira fell by 2.7 per cent to touch an all-time low of T2.39 against the dollar.