Lesetja Kganyago: Challenges for emerging-market central banks

Address by Mr Lesetja Kganyago, Governor of the South African Reserve Bank, at the National Asset and Liability Management Conference, London, 2 March 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Good morning, ladies and gentlemen, and thank you for the opportunity to address you on some of the challenges facing emerging-market central banks.

Since the most recent global financial crisis, central banks have faced mounting challenges. Not only were they at the forefront of saving the global economy from collapse; they were also seen as 'the only game in town' in restoring economic growth. Central banks also began to play a more pivotal role in ensuring financial stability in general. With these additional responsibilities and expectations, the independence of central banks became increasingly questioned, as financial regulation is considered by some to be primarily political in nature rather than technical.