Ron Derby | Institutions matter - there's no better example than the Reserve Bank

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Governor of the SA Reserve bank Lesetja Kganyago.
Governor of the SA Reserve bank Lesetja Kganyago.
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I remember former SA Reserve Bank governor, Gill Marcus, being rather irritated with the term that US banking giant, Morgan Stanley, used to describe a basket of emerging market nations that included South Africa after the US Federal Reserve made known its intention to change its monetary policy.

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