Moreover, the parallel coexistence of central bank digital currency with retail banking deposits  6  See, for example, the recent joint Committee on Payments and Market Infrastructures and Markets Committee report “Central Bank Digital Currencies,” March 2018, https://www.bis.org/cpmi/publ/d174.pdf.
In such instances, while there is an appearance of democratic processes, the reality may be quite different. What is the practice in South Africa? The primary goal of the SARB is the maintenance of price stability. This is confirmed in the Constitution of the country, and we have applied policy within an inflation-targeting framework since February 2000.