There can be nothing further from the truth in the comments from the Reserve Bank governor in the article, Lesetja Kganyago: Inflation targeting is the only way to bolster the economy (September 25). Economic growth is driven and created by the profit motive. Kganyago’s claims are totally wrong and there is no evidence to prove them. The interest costs of business are only 3% of their total operating costs and it is laughable that it can have any impact on economic growth. The inflation rate is not determined by interest rates but by supply and demand in the economy. How can the Reserve Bank be independent when its mandate — which gives rise to these ridiculous claims — is prescribed by the constitution and the Banks Act? Fanie Brink Bothaville
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