MPC decisions at times still misunderstood  Despite our efforts at creating transparent and open channels of communication on the conduct of monetary policy and the centrality of inflation targeting, many people in South Africa are still fixated on the fluctuations in the exchange rate of the Rand. Questions will be asked of me not about changes in consumer prices.
But, almost certainly, questions will arise when the exchange rate depreciates. Together with this, the Monetary Policy Committee’s decisions are misunderstood from time to time. One of those times was on 16 October last year when the Monetary Policy Committee convened a special meeting in between its regular scheduled meetings to review the effects of developments on the country’s inflation outlook.