After all, this remains uncharted territory for central banks, and we cannot assume they will definitely get the timing right, or that they will not be compelled to tighten monetary policy earlier than they would like by unacceptable increases in asset prices or inflation.
In this case, growth would be weaker but a depreciating rand would still boost inflation, requiring higher interest rates (although the effect is muted by the larger output gap). A weaker currency would also shift the current account towards balance. Getting policy right How should policymakers respond to the end of QE and fast-depreciating currencies?