He has also strongly argued that the current 3% to 6% inflation target should be lowered.

Kganyago says that since the adoption of inflation targeting 25 years ago, the country’s economy has experienced lower inflation.

He was addressing the Reserve Bank’s 2025 Biennial Conference in Cape Town yesterday.

“We enjoy much lower interest rates. Back in 1998, the repurchase rate was above 20%. Today, it is just 7.5%, which is higher than the lows experienced during the pandemic, of course, but well below the averages of previous decades.”

--SABC--