SARB, Monetary Policy Review, Nov 2004

- Central Banking staff
- 10 Nov 2004

The South African Reserve Bank has published its Monetary Policy Review for November 2004. Inflation has remained within the target range for the past 13 months. This outcome was achieved through responsible monetary and fiscal policies, improved inflation expectations, and the continued steadier performance of the rand, the report says.

The Monetary Policy Review provides an overview of developments in inflation and an analysis of the factors that have impacted on inflation, focusing on the past six months. This is followed by a discussion of recent monetary policy decisions, and an appraisal of inflation expectations. Finally, the Reserve Bank's inflation forecast is presented. As usual, there are also boxes highlighting topical issues. The first box considers Statistics South Africa's recently published discussion document on the compilation of an official index of administered prices. The second discusses the current international commodity price boom and its impact on the South African economy, and the final box reflects on the "natural rate of interest" and the usefulness of the associated real interest rate gap measure of the monetary policy stance for policy-makers.

Click here to read the Monetary Policy Review on the SARB's website

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