Also, as elsewhere, the process is surrounded by lively public debate as to what monetary action should be taken, with market commentators showing commendable lack of reticence in arguing their views. Key to the value their contributions can add is the high degree of transparency in the process.
In South Africa, as elsewhere, communication and explanation are key elements in monetary policy achieving its behavioural effects, and also critical features in the process by which the central bank is, quite properly, held accountable for its actions.