Sarb Governor Lesetja Kganyago addressing the Sarb's 106th Ordinary Annual General Meeting in Pretoria on Friday.
South African Reserve Bank (Sarb) Governor Lesetja Kganyago has defended the central bank's commitment to its new 3% inflation target, saying the recent surge in inflation caused by higher oil prices will not derail efforts to restore price stability.
Addressing the Sarb's 106th Ordinary Annual General Meeting in Pretoria on Friday, Kganyago said the central bank remained focused on protecting the purchasing power of the rand despite a global oil price shock that had temporarily pushed inflation above target.
He noted that South Africa had taken a significant step in 2025 by replacing its longstanding 3% to 6% inflation target range with a 3% target, plus or minus one percentage point.
"Our constitutional mandate is to protect the value of the currency in the interest of balanced and sustainable economic growth," Kganyago said.
