South African inflation target band remains

The South African Reserve Bank's current inflation target band of 3% to 6% will be maintained despite criticism from the International Monetary Fund (IMF), finance minister Trevor Manuel announced on Monday 6 August.

Manuel's comments follow an IMF report on South Africa, published today, and advice to target a 4.5% inflation rate, the band's mid-point.

"In the current period if we look at the drivers of inflation - it is now a global phenomenon - the world is at a different point in the infl