The South African Reserve Bank has enjoyed a healthy and productive relationship with your Federation for many years, a relationship I wish to continue. You have asked me to address the pertinent question of whether monetary policy is still supportive and accommodative of South Africa’s economic objectives.
My emphatic answer to the question is yes, monetary policy is still accommodative and supportive of South Africa’s economic objectives. In elaborating on this short answer, I will discuss three broad issues. Firstly, what is the mandate of the Bank in achieving South Africa’s economic objectives?