The written monetary policy statement, using the template provided, is an opportunity for teams to assess current and expected future economic conditions, and reach a decision on the repurchase (repo) rate.
When reviewing the MPC statements received from schools, judges will be looking for:
- a logically written report. As such, teams must structure their report in a way that best enhances their argument. It is good to see teams assess a range of indicators and consider important issues from both sides, but all teams must be sure judges can see why they came to their repurchase (repo) rate decision
- their ability to explain why they think things have happened/are going to happen. As such, teams need to back up their arguments with relevant information and data
- a wide range of sources for their information (e.g. newspapers, private banks, other public sector organisations). However, teams need to make sure that they correctly reference these sources. It is likely that Reserve Bank staff will have seen this information and so recognise it as someone else’s argument. A failure to acknowledge other people’s work and / or to pass it off as your own is plagiarism.
- a well presented document, with correct spelling and grammar, which keeps to the 1000 word limit.
The judges will not be giving marks for correctly ‘guessing’ what the South African Reserve Bank’s next interest rate move will actually be. Rather, they will be interested in how teams justify their decision.
Finalist teams have no need to change their decision for the oral presentation if the Reserve Bank has since made a different decision to that which the team suggested in their monetary policy statement.