Lukanyo Mnyanda Editor: Business Day

If the saying that good central banking should be boring has credence, then the Reserve Bank has been doing a great job lately. Few will have been surprised by its decision on Thursday to keep interest rates unchanged. Even the split vote, 3-2 in favour of keeping the repo rate at 3.5%, was widely expected.  

I can’t be sure if former Bank of England governor Mervyn King was first to set “boringness” as a noble goal for a central bank. It was 20 years ago before he’d even got the top job, when he declared in a speech ( that “a successful central bank should be boring — rather like a referee whose success is judged by how little his or her decisions intrude into the game itself”...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now