daniel mminele : conduct and culture in the banking and financial sectors opening address by mr daniel mminele, deputy governor of the south african reserve bank, at the g - 30 forum on banking conduct and culture, pretoria, 18 february 2016. * * * governor kganyago ( sarb ), governor sithole ( central bank of swaziland ), deputy governor mlambo ( reserve bank of zimbabwe ), deputy governors, groepe and naidoo ( sarb ), second deputy governor sullivan ( central bank of seychelles ), sir david walker ( vice chair of the group of thirty steering committee ), dr stuart mackintosh ( executive director of the g30 ), ms maria ramos ( chief executive officer of barclays africa ), the leadership of banks and other financial institutions, panel members, and esteemed delegates. it is a privilege and an honour for me to welcome you, on behalf of south african reserve bank ( sarb ), to this forum on banking conduct and culture, which we are co - hosting with the g30 and barclays africa. the g - 30 has, over the years, played a significant role in bringing together members of the banking, financial and regulatory community to discuss issues of common concern and examine the choices available to market practitioners and policymakers. given the enormous trust deficit that has built up since the global financial crisis, the topic of conduct and culture is of great importance and highly relevant to the global banking and financial sector. bankers have always had a delicate relationship with the societies they serve. it would appear that, at any point in time, it is almost a national sport across the globe to take a swipe at bankers. mark twain famously said : “ a banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain. ” and j m keynes asked : “ how long will it take to pay city men so entirely out of proportion to what other servants of society commonly received for performing social services not less useful or difficult? ” we would be terribly misguided to treat the current wave of discontent and deep mistrust as just another wave that will eventually subside. the most recent global financial crisis, from which almost nine years later we are still struggling to recover, shook the very foundations of our financial system and almost caused its total meltdown. in a nutshell, the crisis was about failures in conduct, culture, and supervisory practices. the consequences

an address by daniel mminele, deputy governor of the south african reserve bank, at the central banking seminar of the federal reserve bank of new york new york 16 october 2017 economic and monetary policy developments in south africa introduction ladies and gentlemen, good afternoon. it is my great pleasure to address this distinguished audience of fellow central bankers as we gather here in new york city to compare the current economic and financial developments across the major regions and to discuss the conduct of monetary policy in a world that finds itself in a transition. for many of the previous years, as we gathered for the annual meetings of the international monetary fund and the world bank, we had to discuss the reasons for the continued disappointing performance of global growth, and the most appropriate role that monetary policy could play in contributing to remedying the shortfalls. this year, i am pleased to say, the outlook is finally looking somewhat promising : global economic growth, especially in the advanced economies, is gathering some momentum, is generally stronger than most observers expected a year ago, and looks sustainable, even if medium - term risks, which need tackling to safeguard these encouraging developments, cannot be ignored. page 1 of 8 as much as these developments are welcomed by the emerging economies, some of which have struggled with sub - par growth in recent years, there are some accompanying challenges. for example, stronger economic growth will continue to reduce the degree of economic slack in the advanced economies, calling for ongoing monetary policy normalization and, eventually, higher real interest rates across the world. for the emerging economies that have become used to elevated capital inflows of late, this may force unpopular policy adjustments. my remarks today will focus on the south african experience and how our monetary policy is negotiating the present challenges of low growth, inflation risks, and a benign yet uncertain global environment. the dilemma of slowing growth and stubborn inflation in its conduct of monetary policy, the south african reserve bank ( sarb ) has faced a growing dilemma in recent years : that of slowing economic growth coupled with inflation that is stubbornly rigid above the midpoint of its 3 - 6 % target range. following the short - lived rebound in the aftermath of the global financial crisis, which saw real gdp1 expand by about 3 % in both 2010 and 2011, the economy [UNK] s growth rate has gradually slowed, reaching a low of 0. 3 % in 2016. the average growth of 1. 6 % in the past five years is a far cry from the 4. 7 % seen in the