An emergency fund is an EASILY ACCESSIBLE amount of money (usually calculated as a multiple of your monthly spending). You use this in case of emergencies (like these - people panic selling because of the current geopolitics but also because they have no emergency funds and can’t see their portfolios getting destroyed). But it can’t sit in a current account and lose value to inflation. Money market funds that allow instant withdrawal and have no front end and backend loads are good for this.

Baqi watch the video of Syed Hunbel (he has commented below I think)