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South African Reserve Bank

Monetary Policy Committee 

In monetary policy decision-making processes, committees are preferred above individuals. Not one central bank has replaced a committee with a single decision-maker, a fact that has both theoretical and empirical support; the ability to draw diverse viewpoints from constituent members in committees ensures that there is likely to be some moderation of extreme positions and policies and more even policymaking.

South Africa is part of this trend and the decision on the appropriate monetary policy stance is taken by the Monetary Policy Committee (MPC).

The MPC was constituted shortly before South Africa adopted the inflation-targeting framework. The MPC meetings are chaired by the Governor of the Bank. It consists of eight members of the Bank: the Governor, three deputy governors and four senior officials of the Bank.


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