International funds are taking money out of six major emerging markets in Asia with the fastest pace since 2008. This year investors pulled $19 billion from India, Indonesia, Philippines, South Korea, Taiwan and Thailand, Bloomberg reports.

While emerging market showed quite optimistic picture in the beginning of this year, and it seemed that they are stable to US Fed police tightening, the situation has changed in the last two months. The fact, that many investors and analytics still talk about strong fundamentals for Asian economy, high growth and political stability, does not help.

Developing countries, including Turkey, Indonesia and Argentina, had to raise interest rates, while central bank of Brazil sold additional amount of foreign exchange reserves to stabilize its markets.

Central bank of Philippines that already raised its key interest rate in May first time since 2014, might increase it again this week by 25 basis points to 3,5%.

Currency of Thailand lost 4,7% to dollar this quarter.