Governments in emerging markets, including SA, did not use the recent commodity boom to build financial buffers against external shocks such as soaring inflation and the Russia/Ukraine war, and there are now unrealistic expectations of what central banks can do to solve fiscal problems, Reserve Bank governor Lesetja Kganyago said.

Policy makers "are starting to look at the central banks and they’re starting to get crazy ideas, because they think that maybe these chaps [central banks] … have been so good they could tame inflation. They might just tame our financing problems too," he said...

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