As Rudi Dornbusch cautioned, “in economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.”  Central banks can and should, within their mandates, be agents of change and fulfil their responsibilities towards citizens. [1] See Eurostat (2020), “  Impact of Covid-19 crisis on retail trade”, September.
Third, in 2007–08, professional forecaster’s medium- to long-term inflation expectations in the range of 4.– 5.5 per cent was well in line with the Reserve Bank’s comfort level and what can be considered growth enhancing threshold level of inflation. Subsequently, as the actual inflation performance has deteriorated, medium- to long-term inflation expectations have also risen to a range of 6.0–7.3 per cent.