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Governor Kganyago Sticks With Hawkish Rhetoric, Says Rand Is Among Risks To Inflation Outlook

SARB
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SARB Governor Lesetja Kganyago speaks at an event in Johannesburg, noting that the central bank has withstood tests of its independence. The official reiterates that the rand is among the risks to South Africa's inflation outlook, with USD/ZAR operating close to its four-month highs.

  • Earlier this morning, Kganyago told Newzroom Afrika that while inflation has now eased, central bankers "have got to be seeing that inflation is sustainably closer to the +4.5% Y/Y that we aim for".
  • The official added that the SARB keeps its data-dependent stance and will analyse the signals received since the previous meeting before making the next rate decision in November.
  • Kganyago told Newzroom Afrika that apart from the ZAR exchange rate, the list of risks to the inflation outlook includes oil and food prices.
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SARB Governor Lesetja Kganyago speaks at an event in Johannesburg, noting that the central bank has withstood tests of its independence. The official reiterates that the rand is among the risks to South Africa's inflation outlook, with USD/ZAR operating close to its four-month highs.

  • Earlier this morning, Kganyago told Newzroom Afrika that while inflation has now eased, central bankers "have got to be seeing that inflation is sustainably closer to the +4.5% Y/Y that we aim for".
  • The official added that the SARB keeps its data-dependent stance and will analyse the signals received since the previous meeting before making the next rate decision in November.
  • Kganyago told Newzroom Afrika that apart from the ZAR exchange rate, the list of risks to the inflation outlook includes oil and food prices.