Citigroup Inc. and Deutsche Bank AG were among the lenders recommending investors to short the South African rand last week as deadly riots threatened to derail an incipient economic recovery. Chile’s peso is also seen as vulnerable relative to more stable units such as the Russian ruble.With elections coming up in many major developing nations over the next three years and the pandemic worsening socio-economic fault lines, “political long Covid” may cast a widening pall, according to Bank of America Corp. Of particular concern is what that means for monetary policy, as central banks weigh the risks of higher inflation against the need for economic support.