The recent tightening of monetary policy should thus be viewed in the context of the deterioration in the risks to the inflation outlook and the objective of the SARB to ensure the credibility of monetary policy and sustainable economic growth in South Africa. 5.
Regional co-operation among central banks in Africa  Let me now move to the issue of regional co-operation among central banks in the southern African region. Initiatives such as the Governors’ Club, which promote regional co-operation, are vital for success in our modern world, one that is becoming increasingly globalised.