I am truly overwhelmed by your invitation, not only to say a word or two today on the challenges of central banking in Africa, but also for providing me the opportunity to return to Lusaka which was my home in the late 1980s and early 1990s. Zambia’s contribution to the freedom struggle in Southern Africa is firmly embedded in our memories.
Policy implications Assuming that my reading of the data is correct and long-run inflation expectations are in fact anchored near their pre-recession levels, what implications does the preceding description of inflation dynamics have for the inflation outlook and for monetary policy?