Buenos Aires — South African Reserve Bank deputy governor Daniel Mminele emphasised the need for monetary authorities around the world to have independence from political pressure. "Central bank independence is absolutely sacrosanct in my view and there is ample evidence that independent central banks tend to be more successful," Mminele said, in response to a question on US President Donald Trump’s criticism of the Federal Reserve this week. He declined to specifically comment on Trump’s tweets about the Fed. Mminele also warned on the risks of escalating trade tension, which is already affecting emerging markets. The rand is down 7.6% so far in 2018. "We have seen risk-off scenarios, we’ve seen currencies coming under pressure, we’ve seen inflation pressures building and some of the central banks are already taking action to try and ward off these pressures," Mminele said in Buenos Aires at a meeting of Group of 20 (G-20)finance ministers and central bank chiefs. Trump’s latest ad...

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