South Africa’s broad inflation target range ‘a mistake’, says Kganyago

The decision to set the South African Reserve Bank’s inflation target rate to a broad range of 3–6% was “a mistake” due the uncertainty it caused, its governor has said.

The broad range of the target meant the Sarb “let underlying inflation, and inflation expectations, drift to the very top of our target range”, said Lesetja Kganyago in a speech on July 24.  He also strongly criticised politicians within South Africa’s governing party for creating uncertainty over the central bank’s governance