This in South Africa we now have an explicit financial stability mandate, which imposes new and arduous responsibilities on the Bank. Domestically, we are facing challenges of crisis proportions that require a coordinated and coherent range of policy responses, which are largely beyond the scope of monetary and macroprudential policies alone to deal with.
Since the advent of democracy, South Africa has had a growth rate that averaged almost 3,5 per cent. According to the IMF, the policies that have been implemented have resulted in a 40 per cent increase in real per capita GDP, and a drop in the poverty rate of around 10 per cent. These are significant, meaningful achievements.