South Africa’s central bank denies reducing inflation target
Sarb says it is targeting bottom of existing 3–6% range, after reports it had bypassed Treasury
The South African Reserve Bank (Sarb) has denied reports that it has changed its official inflation target.
When the Sarb’s monetary policy committee (MPC) announced on July 31 that it was lowering interest rates by a quarter point to 7%, it made a separate statement about inflation targeting. The committee said that it “now prefers inflation to settle at 3%. In line with this, we have decided to aim for the bottom of our inflation target range, of 3–6%”.
According to Reuters, this had not been
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