SA Reserve Bank governor Lesetja Kganyago has insisted investors should not lump the country in with Turkey and Argentina, as turmoil in emerging markets puts growing political pressure on interest rate-setters. Kganyago insisted in an interview with the Financial Times that SA had a more credible monetary policy than the two countries that have been worst hit by a recent market sell-off. "You have a situation in Turkey where the president pronounces on interest rates," he said. "Look at these countries and the standing of their central banks. We have a credible central bank, underpinned by the constitution." But he also acknowledged that new threats to central bank independence were emerging in SA, in part because of proposals by the governing ANC to nationalise its shares. Turmoil in emerging markets has been lapping at SA’s economy. The rand has tumbled in recent days, its fall accelerating after data showed the country fell into recession in the first half of 2018. The rand stag...

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