Since 2016, surveyed inflation expectations have declined by 100 basis points. A more stable and predictable path of interest rates will enhance the environment for sustained economic growth, as the experience of many advanced economies and, increasingly, also the emerging economies has shown.
The persistence of such gains is, however, not certain, meaning that the MPC will continue to exercise vigilance in the years ahead. Financial stability  With the implementation of the Financial Sector Regulation Act 9 of 2017 (FSR Act) in April last year, the SARB was provided with an explicit statutory mandate to protect and enhance financial stability.