'Public is intolerant of high inflation'
Increase of 25 basis points in the benchmark repo rate was at the lower end of market expectations
29 January 2023 - 07:13
Reserve Bank governor Lesetja Kganyago has again defended the central bank’s focus on inflation after announcing a 25 basis-point rate hike on Thursday, saying it had been mandated to keep prices in check.
"That we decided to target price stability was not because we woke up one day and decided we are going to target price stability, ” he said. “It is because the people of this country decided it [the constitution] must comply with a number of principles. From those, there was a principle that there must be an independent institution tasked with [protecting] the value of the currency.”..
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