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Governor Kganyago Says Policy Will Stay Tighter For Longer

SARB

Bloomberg runs comments from South African Reserve Bank Governor Lesetja Kganyago, who says that monetary policy will need to remain tighter for longer than the market had been pricing, because inflation has been more persistent than expected.

  • The Governor says that inflation should be back in the +3.0%-6.0% Y/Y target range by the next quarter, but risks to the price outlook remain skewed to the upside.
  • According to Kganyago, it is too early to tell what will be the Monetary Policy Council's rate decision next month.
  • The SARB monitors the rand's trend, as only sustained weakness would exacerbate inflation. It's model suggests that the rand is currently undervalued.
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