The inflation targeting debate has reared its ugly head in the public domain. Those who stir up the debate are undermining the ANC’s conference resolutions at Nasrec. The resolution found expression in the ANC election manifesto, and delivered a decisive victory for the party.

None of the ANC factions disagrees that the rand is one of the most traded currencies in the global market. Hence inflation targeting is good for the stability of the currency and to stimulate growth. This narrow function is derived from the mandate of the Reserve Bank, which had been crafted with the assumption that employment is a direct outcome of growth.

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