Using the price index excluding food and energy – another rough way to abstract from transitory fluctuations – inflation averaged about 1–1/2 percent over the past two years. These rates are lower than the inflation rates that were seen prior to the recession, and they are at or below the FOMC’s long-run goal of 2 percent inflation.
Finally, the Committee of Governors of SADC as a regional body has a great interest in establishing extended relationships with similar regional central banking forums in the rest of Africa, and other similar initiatives in the Southern African region. IV CONCLUSION The nature of current South African financial sector reforms is dictated by the special circumstances of the country.