May I request all the participants to the “Training the Trainers Program” to stand up and be recognized. Ladies and gentlemen, let us give them a well-deserved round of applause! Congratulations program participants! You have completed the first step.
That was a logical interpretation, but it was completely wrong. The fact is that during the inflation-targeting era, the SARB has not seen targeted inflation below 3%. We have nonetheless cut rates on many occasions. In fact, these rate cuts have typically happened with inflation over 5%, already in the top end of the target range.