In this statement we confirmed that inflation targeting would have no material affect on our operational procedures which we have been applying since March 1998. The South African Reserve Bank also fulfils the second condition for autonomy, namely transparency.
The numerical inflation target was announced explicitly to the public to indicate clearly what the Reserve Bank should be held accountable for and to make the application of this framework as transparent as possible. The announcement of the target makes the intentions of monetary policy explicit. If targets are not met, the central bank has to explain what went wrong.