The pursuit of price stability will nevertheless remain the primary objective of the Bank. The consolidation of inflation at lower levels and with lower variability is by far the most important contribution the Bank can make to the economic development of South Africa and by implication that of the subcontinent.
Of particular importance therefore from a monetary policy perspective is that CPIX-inflation remains within the target range of 3 to 6 per cent. Considerable success has been achieved in pursuit of major policy objectives and the South African Reserve Bank remains committed to ensuring that the hardwon gains in the fight against inflation are not forfeited.