Africa-Press – South-Africa. A panel is drafting recommendations on possible changes to South Africa’s inflation target that will be presented to both the central bank and the National Treasury before an announcement is made, the authorities said.
The so-called Macroeconomic Standing Committee has been conducting technical work to assess the appropriateness of the target, according to a joint statement published on Monday.
The central bank’s current inflation-target band is 3% to 6%. In July, central bank Governor Lesetja Kganyago announced that policymakers would now prefer to anchor price expectations at the lower end of the range at 3%.
“The Minister of Finance and the Governor will agree on any changes to the target band. The Minister of Finance will make a formal announcement as soon as is practical to anchor expectations,” the joint statement said.
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