Kganyago says discussions are ongoing to bring down inflation target - SABC News

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Kganyago has been a keen advocate of bringing down the SARB's 3 to 6 % inflation target.

South African Reserve Bank Governor Lesetja Kganyago says discussions are ongoing between the central bank and the National Treasury around bringing down its inflation target. Currently, this stands at a range of 3 to 6 %. But Kganyago says the existing target is on the high side.Kganyago is of the view that through all the economic challenges that have beset the country, the SARB had done its best to live up to its constitutional mandate.

The Governor talked about a number of concerns that he and his colleagues have had to contend with as they look to implement monetary policy. These include structural constraints in the local economy that continue to hamper growth but also the impact of external forces on key things like the local currency.

Kganyago has been a keen advocate of bringing down the SARB’s 3 to 6 % inflation target, arguing that there’s no virtue to be had in high inflation, given that it erodes the value of the money in citizens’ pockets.

 

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