The South African Reserve Bank (SARB) is emphatic that monetary policy is not the solution to South Africa’s economic growth challenges. Reiterating this after the May 2019 meeting of the central bank’s Monetary Policy Committee (MPC), SARB Governor Lesetja Kganyago commented that “current challenges facing the economy are primarily structural in nature and cannot be resolved by monetary policy alone. It is now even more urgent to have a combination of prudent macroeconomic policies and structural reforms that raise potential growth and lower the cost structure of the economy”. (more…)
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