BIS central bankers’ speeches  3  The challenges of a slowing South African economy The prospective normalisation of monetary policy in the US, with the possible implications I have just described, comes at a challenging time for South Africa and for monetary policy.
There is the complex multi-location JST relationship to manage with an even greater emphasis on analysis, “constrained judgment”, quantitative assessments (including of risk and control frameworks) and, a particularly large change for the Central Bank, a move to formalised end-to-end on-site inspections.