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SARB Governor Says Lower CPI Target Will Cut FX Volatility

SOUTH AFRICA
  • South African central bank Governor Lesetja Kganyago has been speaking at Peterson Institute for International Economics event in lead up to April 10-16 Spring Meetings of the World Bank Group and the IMF. Full rundown of SARB Governor Kganyago’s comments:
    • Global central banks' covid response was policy error
    • South Africa reforms, transport, energy overhaul critical
    • South Africa 3% CPI target will cut FX volatility
    • Lower South Africa CPI target will aid fiscus, growth (BBG)
  • As a reminder, last week the SARB committee said it has taken the right decisions to guide inflation back to the 4.5% midpoint of its target range “but this cannot preclude further steps if inflation and inflation expectations continue to surprise higher”.
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