As we have indicated in the past, South Africa introduced inflation targeting in the year 2000. The inflation target was specified as the Consumer Price Index less mortgage cost, the co-called CPIX. The numeral target was for CPIX to remain on average between 6 and 3 percent.
The IIF gatherings always provide a fantastic opportunity for stimulating exchanges of views on the international financial system. When preparing my remarks for tonight, I looked at my text from the 25th Anniversary IIF Membership Meeting in October 2007.