Lesetja Kganyago: Building resilience

Address by Mr Lesetja Kganyago, Governor of the South African Reserve Bank, at the World Bank Reserves Advisory and Management Program, Washington DC, 15 April 2019.

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

Distinguished guests, ladies and gentlemen. It is a great pleasure to be here.

The recent World Economic Outlook highlights that although global economic conditions remain benign, in recent months growth in both emerging and advanced economies has begun to decelerate. At the same time, risks to the global economy are tilted to the downside, linked to both political and financial developments. An important element of managing risk in such an uncertain environment is to focus on building macroeconomic resilience.

My comments today will be centred around that theme. In particular, I'd like to share some thoughts around how emerging market central banks can contribute to economic resilience.