Inflation targets have served EMEs well, says Sarb governor

EMEs and banks have ridden out rate rises relatively well, but refinancing and geopolitical risks remain

Kganyago - Knot, Sintra 2024
Lesetja Kganyago (left) and Klaas Knot
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Many emerging market economies (EMEs) fared much better during the 2020–22 inflationary wave compared with similar occasions in the past due to robust policy frameworks that rely on inflation targeting, Lesetja Kganyago, governor of the South African Reserve Bank (Sarb), said on July 3.

Speaking at the European Central Bank’s conference in Sintra, Portugal, the South African governor highlighted that emerging market economies are inherently “used to output volatility” and “inflation spikes”

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