Economics
South Africa Central Bank Must Pursue Flexible Policy, ANC Says
- Ruling party reiterates bank’s policy must consider growth
- Central bank’s independence is ‘sacrosanct,’ Godongwana says
Pedestrians pass the headquarters of the South African Reserve Bank in Pretoria.
Photographer: Dean Hutton/Bloomberg
This article is for subscribers only.
South Africa’s ruling party said the Reserve Bank must consider the impact of monetary policy on economic growth when it targets inflation, re-emphasizing the flexible mandate the government gave the central bank almost a decade ago.
“The South African Reserve Bank must pursue a flexible monetary policy regime, aligned with the objectives of the second phase of transition,” the African National Congress said in its election manifesto that was unveiled on Saturday. “Without sacrificing stability, monetary policy must take into account other objectives such as employment creation and economic growth.”