In February 2000 the government announced that South Africa had formally adopted an inflation-targeting monetary policy framework to make monetary policy more transparent and accountable and to promote an ex ante co-ordination of economic policy. Fluctuations in the exchange rate of the rand have nevertheless complicated the implementation of monetary policy even under inflation targeting.
Public ownership If I have conveyed a picture in which a handful of large multinational players actively caters to the larger firms and to those requiring more sophisticated financial services, alongside a handful of nationally controlled banks focusing mainly on delivering to the needs of the middle-market, while several dozen mutually-owned community banks are operating at county or large enterprise level, then this was my intention.