The Bank publishes an abridged version of the annual Governor’s Address to shareholders at the Annual General Meeting in six official languages of South Africa in a variety of newspapers and magazines. This ensures that the Address is accessible to all stakeholders in the Bank. The importance of communication within an inflation targeting framework is without question.
Communication is a critical part of monetary policy since it can lead to more effective policy by influencing expectations. The challenge for the Bank is to ensure maximum efficiency and consistency of its communication. As I have outlined, it is clear that the communications strategy of the Bank is directed at a broad spectrum of individuals and institutions.