As such, the SARB cannot take responsibility for solving a fiscal sustainability problem, nor can it jeopardise the value of the currency by agreeing to inflationary money printing. 10 Owen Willcox, 2020, ‘Macroeconomic response to COVID-19’, available at  https://www.tips.org.za/policy-briefs/item/3798-macroeconomic-response-to-covid-19.
As Deputy Governor Larry Schembri pointed out in a speech last week, this is not only because there have been fewer things to buy, but also because there has been a sharp drop in consumer confidence. Until people are back at work and feel more confident, they will remain cautious with their spending.