It would be a mistake to say we have to adopt tight policy to keep the rand strong. My point is more subtle: what counts as tight or loose policy is changing, as global rates rise. If we do not recalibrate our policy settings accordingly, we could wind up with destabilising policy, which would be bad for inflation and also bad for domestic demand.
In this respect, it is worth to mention, for instance, the migration pressures and conflict risks that could derive from global warming. A proper consideration of the consequences of climate change is also important for central banks in view of their implications for the financial See Farid, Mai et al.