Document - President Cyril Ramaphosa on Thursday had to field several questions relating to the Reserve Bank's independence and the impact of the government's cost-containment measures on service delivery during his last question-and-answer session for the year in the National Assembly.
President Cyril Ramaphosa on Thursday had to field several questions relating to the Reserve Bank's independence and the impact of the government's cost-containment measures on service delivery during his last question-and-answer session for the year in the National Assembly. These question-and-answer sessions are one tool MPs have to hold the executive arm of state to account.
He explained that high inflation stifles economic growth and erodes people's purchasing power and living standards, especially those of the poor, because as inflation rises, the cost of living goes up pushing many purchases beyond the reach of many. The President also said that he sees no need to deviate from the government's current inflation-targeting policy approach.
All these policy instruments should be used interactively, he told MPs, and monetary policy has a role to play."As I said, section 224 of our Constitution sets our clear objects of the central bank and while it addresses the issue of the value of our currency, it has to be looked at in broader contexts." South Africa must use all the fiscal and monetary macroeconomic policies at our disposal to foster growth, he continued.
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