All eyes on the rand

Although South Africa's experience with inflation targetting has been widely seen as a success, a major challenge has been to convey the message that inflation is the primary concern. In a country where dramatic exchange rate movements have often been a source of front-page news, monetarypolicy makers have not succeeded in convincing the public and the markets that the exchange rate should not be the first thing they look at in the morning papers. What has the Reserve Bank done to address the