The Reserve Bank, often accused of being overly conservative, has been rather active since the outbreak of Covid-19. But as always, the question is whether it has done enough, and it’s often subject to unfavourable comparisons with what its peers elsewhere have done.

Its defenders will point to the fact that through an unprecedented quantitative easing programme and various other measures to inject liquidity and facilitate lending in the economy, it has injected about R300bn already...

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