x p guma : monetary policy transparency and openness speech delivered by dr x p guma, deputy governor of the south african reserve bank, on behalf of mr t t mboweni, governor of the south african reserve bank, at the launch of the labour markets and social frontiers publication series, 15 october 2002. * * * honoured guests, colleagues of the south african reserve bank and members of the media. as you are already aware, formal inflation targeting was introduced in south africa in february 2000. one of the hallmarks of inflation - targeting is the greater degree of transparency it requires regarding monetary policy. a major determinant in the success of the inflation - targeting framework hinges on whether the bank's actions are fully understood by and have credibility with labour, business, government and other social players in our economy. i have mentioned this in the past, but i am compelled to stress it again, that monetary policy transparency and openness are essential in order to enhance the understanding and credibility of our policies. this commitment to transparent monetary policy has resulted in numerous initiatives to improve the communication of our policies to the public. in march 2001, the bank published and distributed its inaugural monetary policy review, which is now published twice a year. we make statements, which are broadcast live on sabc, at press conferences shortly after each monetary policy committee ( mpc ) meeting. and we simultaneously release a detailed written statement in which reasons for the bank's stance is explained. monetary policy forums ( mpfs ) are held twice a year at various venues around the country to create a platform for discussion on monetary policy and general economic developments, both domestically and internationally. the bank also reports regularly to parliament on monetary policy. over and above all of this, i am frequently invited by various organisations to address various groups and forums, ranging from businessmen and women to universities, hiv / aids donors and caregivers, and i use every opportunity to bring the bank and its work closer to the people. today, i am proud to officially launch another initiative that is ground - breaking for the south african reserve bank and which i believe ranks it as a leader among central banks. the bank realises that the effects of monetary policy impact on labour markets and social development issues. while we acknowledge that sometimes these linkages are not blatant, we cannot rule out the possibility that some of the trickle - down effects are real and warrant more in - depth interrogation. it is for this reason in particular that we thought it necessary

lesetja kganyago : protecting the buying power of south africa's currency address by mr lesetja kganyago, governor of the south african reserve bank, at the launch of commemorative coins to mark the 100th anniversary of oliver tambo's birth, pretoria, 4 october 2017. * * * oliver reginald tambo ’ s life was integrity, trust and accountability personified. the power and emotion behind his speeches lay in the clarity of his thoughts, not in the delivery and the fiery of his rhetoric. that is partly why he was able to mobilise the world against apartheid. that is partly why he succeeded in keeping together people of diverse backgrounds united under the anc umbrella. his integrity shone through, defining all his interactions with everyone, young and old, senior and rank and file members. the dictionary describes integrity as the quality of being honest and having strong moral principles. it lists honourableness, decency, fairness, sincerity, truthfulness and trustworthiness as some of the synonyms of integrity. tambo ’ s conduct was one of integrity and accountability. integrity, trust and accountability also matter a great deal for the south african reserve bank ( sarb ) and, indeed, other central banks elsewhere in the world. the sarb exists to serve the economic wellbeing of south africans by protecting the buying power of the domestic currency – the banknotes and coin. this primary mandate of the sarb, as well as its independence in carrying out this mandate, are entrenched in sections 224 and 225 of the constitution of the republic of south africa. our constitution which has been tested many times in recent years bears testimony to the calibre and the foresight of the leadership of the founders of this nation. to borrow the words of justice albie sachs, a paternity test on our constitution will find tambo ’ s dna. 1 the sarb does not bow to any pressure, whether it be political or from the private sector. but the sarb does account to the people of south africa through parliament. the other main function of the sarb is to ensure there is a sufficient supply of high quality banknotes and coin. this is one function of the sarb that puts it in the pockets, wallets and the hearts of all south africans. the sarb banknotes may not be in the pockets or wallets of all south africans all of the time, but they can be if all of us work harder to make our economy grow