South Africa as a member of the G20 was invited to join the Bank for International Settlements (BIS) Committee on Payment and Market Infrastructures (CPMI), and it is also a member of International Organization of Securities Commissions (IOSCO). As a member of the BIS CPMI, the SARB contributed to the development of the Principles for Financial Market Infrastructures (PFMIs).
Medium-term orientation and monetary analysis Whether characterised as “constrained discretion” or “rule-based, but not rule bound”, modern monetary policy frameworks accord central banks a certain “degree of freedom” in their decision making. To what ends should this freedom be put? To be clear, it is crucial that price stability is maintained over the medium term.