S.Africa’s cenbank governor: currency, price stability aims are supportive of growth

PUBLISHED: Tue, 20 Jun 2017 07:56:19 GMT
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JOHANNESBURG (Reuters) – The South African Reserve Bank’s mandate to keep inflation low and protect the value of the currency is supportive of economic growth, Governor Lesetja Kganyago said on Monday.

“If we can keep inflation lower, anchoring inflation expectations, that should in turn generate a lower rate of interest to support the economy,” Kganyago told a business gathering.

“We will continue to honour our constitutional mandate and the trust placed in us by the South African society.”

His comments came after the Public Protector, an anti-graft agency, recommended constitutional changes to make the central bank promote economic growth rather than currency and price stability.

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(Reporting by Olivia Kumwenda-Mtambo; Editing by Toby Chopra)