When The Economist ran a cover story recently on political interference in central banks, it cited populist attacks on the independence of central banks in the US, UK, Turkey and India - but didn't mention SA. But when the Peterson Institute of International Economics in Washington chose South African Reserve Bank governor Lesetja Kganyago to give its prestigious annual lecture, it evidently did so because of his lived experience of fighting off incursions into the Bank's independence. His lecture earlier this month will surely contribute to the global debate. The argument for central banks to be independent is more conventionally about their role in controlling inflation and protecting price stability, which is their monetary policy mandate. But Kganyago emphasised that the need for independence is just as important for central banks' other mandate: protecting the financial system. Indeed, he said he'd never received a call from the Union Buildings telling him what to do about mone...

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