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Kganyago Points To Weakening Pass-Through From FX Rate To Inflation

SARB

SARB Governor Lesetja Kganyago speaks from Jackson Hole in an interview with Bloomberg TV. Asked what would be the ramifications of USD/ZAR crossing above the 20.0 level, the official says that it would matter for the central bank only insofar as it would affect inflation.

  • Kganyago says that the SARB started its tightening cycle earlier and inflation "has now come down significantly," moving closer to the mid-point of the target range. Looking ahead, the central bank sees the exchange rate as one of the risks to the inflation outlook, even as the pass-through effects have weakened recently.
  • The Governor says that "the job is not yet done" as we "just had two good prints on inflation." He emphasises that there are still risks on the horizon and the SARB will "watch them very closely."
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