4  Rodrigo Vergara, Inflation dynamics in LATAM: a comparison with global trends and implications for monetary policy (https://www.kansascityfed.org/~/media/files/publicat/sympos/2015/econsymposium-vergararemarks.pdf?la=en), August 2015. 4  BIS central bankers’ speeches  We expect our gradual tightening cycle to accomplish our primary mandate: controlling inflation as defined by our inflation target while showing due concern for growth.
Debt dynamics Minister Nene has already spoken about the fiscal aspects of macroeconomic policy. I now turn to aggregate debt dynamics and in particular private-sector debt. In the years before the Great Recession, South Africa’s debt-to-GDP ratio declined markedly due to robust growth and booming revenue collection.