Assess risks for an emerging market currency: 1. External Vulnerability: - Current account balance (% of GDP) - External debt / GDP - FX reserves adequacy (import cover, short-term debt cover) - Reserve trend direction 2. Fiscal Position: - Budget deficit trajectory - Debt / GDP level and trend - Primary balance - Debt composition (local vs. external) 3. Monetary Policy: - Real interest rate - Inflation targeting credibility - Central bank independence - FX intervention history 4. Political Risk: - Political calendar (elections, transitions) - Policy continuity risk - Institutional strength 5. Growth Outlook: - GDP growth forecast - Commodity dependency - Remittance importance - Tourism exposure 6. Contagion Risk: - Correlation with risk assets - Regional linkages - Similar country stress transmission 7. Positioning & Flow: - Local bond holdings by foreigners - Recent flow trends - Carry trade positioning Output: Risk score and key metrics to monitor for early warning.