We hope this transparency is helpful for people in understanding how monetary policy is set. 9  As you would be aware, the Board has increased the cash rate significantly since May, with the cash rate currently standing at 2.85 per cent (Graph 10). We needed to remove the pandemic emergency settings and respond to the high rate of inflation.
Little progress, however, has been made in solving one of the most urgent problems of the South African economy, and that is to create sufficient jobs for the growing population. Total employment in the country is now hardly more than what it was at the beginning of the nineties.