Monetary Policy Forums (MPFs) are convened by the SARB in order to develop a better understanding of monetary policy. These forums are held twice a year in the major centres of South Africa across all provinces, and representatives of the labour movement, business, government and academic institutions are invited to attend. In pursuit of this objective, the Monetary Policy Review is published twice a year and is aimed at broadening public understanding of the objectives and conduct of monetary policy. The publication covers domestic and international developments that affect the monetary policy stance.
The inflation-targeting framework also improves the accountability of the SARB because it provides a yardstick that can be used to measure the SARB’s performance. The Governor is required to submit annually a report on the implementation of monetary policy to the Minister of Finance. The Governor also appears regularly in Parliament before the Portfolio and Select Committees on Finance to explain the monetary policy stance adopted by the MPC.
In pursuit of this objective, and to promote a stable financial system, the SARB publishes a semi-annual Financial Stability Review. The publication aims to identify and analyse potential risks to financial system stability, communicate such assessments, and stimulate debate on pertinent issues. The SARB recognises that it is not the sole custodian of financial system stability, but that it contributes significantly towards and coordinates a larger effort involving government, other regulators, self-regulatory agencies, and financial market participants.
Hosted every quarter, the Economic Roundtable allows for robust discussion and debate on economic trends, policies and pertinent issues that impact the global and domestic economy. The Governor chairs the roundtable, which is attended by economists, industry experts, research analysts and policymakers. The platform gives the SARB a strong indication of how these stakeholders view its policies.
The SARB’s outreach programmes have matured over the past two years and include forums in all nine provinces, as well as initiatives targeting high school learners, teachers, tertiary institutions, labour forums, interest groups, rural and urban communities, and non-governmental organisations. Other efforts that complement these initiatives include local media briefing sessions, public speeches and the release of SARB publications.
The SARB provides support, education and awareness on banknotes and coin to the public. In collaboration with relevant stakeholders, the SARB runs ongoing public engagement programmes at taxi ranks, malls, schools and rural community gatherings. The team also conducts public awareness in Common Monetary Area countries, where the rand is legal tender.