Their question, though, is whether the SARB could do more, such as targeting unemployment rate, in the same way the US Federal Reserve has twin mandates for low inflation and low unemployment. South Africa has a terrible unemployment problem which has lasted for at least two decades. It therefore makes sense that we should be looking for creative solutions to the problem.
25 The best-known example today is the Swedish Riksbank’s e-krona project. See https://www.riksbank.se/engb/financial-stability/payments/e-krona/. 26 COMMITTEE ON PAYMENTS AND MARKET INFRASTRUCTURES, “Central Bank Digital Currencies”, Bank for International Settlements, March 2018, 3. See https://www.bis.org/cpmi/publ/d174.pdf. For a taxonomy of CBDCs and the money flower concept, see M. BECH and R. GARRATT, “Central bank cryptocurrencies”, BIS Quarterly Review, September 2017, 55-70.