Reserve manager of the year: South African Reserve Bank

The South African Reserve Bank

The South African Reserve Bank (Sarb) has faced a tough year. The rand has fallen 15% against the US dollar since September 2013 and economic growth in 2014 was 1.4% – significantly lower than expected and less than half of South Africa’s long-term average. Local challenges were compounded by international headwinds, as the Federal Reserve tapered its quantitative easing programme, European economies remained in the doldrums and growth in emerging markets slowed.

The mix of near-zero policy rate

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