More broadly, it is felt in every part of the economy and affects individual economic behaviors at the micro-level. In this sense, monetary policy carries more system-wide implications and is more systemically important than exchange rate target. Monetary policy flexibility and effectiveness are particularly important under China’s unique circumstances.
The full implementation of this programme over the next few years will undoubtedly raise the potential of the economy and enable South Africa to meet the vast basic social and economic needs of the people of the country more adequately. It will also provide the economy with better armour to withstand with more vigour similar adverse macroeconomic developments that may recur in future.