The SARB communicates regularly with the public, trade unions, civil society, parliament and representatives of government to explain and discuss economic developments, as well as what informs the monetary policy stance. Through this process, the SARB remains accountable to the South African public. The SARB’s independence, however, allows it to avoid the trap whereby monetary policy is being constrained by short-term political motives.
I wish to emphasise that the current shareholding structure of the SARB has no bearing on its policymaking. Furthermore, the independence that the central bank enjoys is unrelated to its shareholding structure as policymaking is the responsibility of the four governors that are appointed by the President.