The ongoing global trade war has created significant challenges for central banks in emerging markets, distinctly different from the monetary policy environment during the COVID-19 pandemic. Gita Gopinath, First Deputy Managing Director of the International Monetary Fund (IMF), emphasized in a recent interview with the Financial Times that unlike the pandemic period—when central banks could swiftly ease monetary policies—trade tensions are causing unpredictable economic disruptions. This unpredictability complicates policy responses and financial stability management for emerging economies navigating global market volatility.