Investors in emerging markets fear a fresh crisis could be brewing after Argentina’s shock decision to raise interest rates to 40%.

The country’s central bank stunned markets on Friday with its third rate increase in eight days, in a bid to tackle rampant inflation and end a run on the peso as investors lose patience with the slow pace of reform under President Mauricio Macri.

While many of Argentina’s problems are home-grown, the country finds itself at the forefront of wider concerns sweeping emerging markets.

Rising rates in America have piled pressure on currencies from the Turkish lira to the Brazilian real over the past week. Investors poured billions into emerging economies after the financial crisis as low rates in the developed world pushed them