At the same time, practitioners in central banks cannot afford to be complacent. Speaking of the Bank of Japan, for example, inflation is still well below our target, although this is partly due to the temporary influence of low oil prices.
At the height of the anti-apartheid struggle, inflation hit a high of 18.4% in 1986, and annual growth slowed to 1.6% for the decade. Significant capital outflows resulting from the debt default and economic sanctions saw another policy reform: exchange controls. The SARB adopted a broadly defined money supply (M3) growth target framework.