The Governor of the South African Reserve Bank, Mr TT Mboweni, and executive members of the South African Stud Book and Livestock Improvement Association, met today to discuss various issues of mutual interest. The meeting was held as part of the Bank’s programme to constantly interact and improve communication with its stakeholders.Today’s discussions focused primarily on two issues, namely inflation targeting and red meat.The Governor explained in detail the rationale behind the adoption of the inflation targeting monetary policy framework. It was agreed that low inflation is good for South Africa, especially for the micro- and macroeconomic decision-making processes. The meeting was unanimous that the Bank’s pursuit of an inflation rate of 3% to 6% (as measured by CPI-X) to be achieved by the end of 2002, was the most appropriate route for the Reserve Bank to follow. As indicated above, the meeting also discussed erroneous perceptions that red meat dishes are no longer served in the Reserve Bank cafeterias. The Reserve Bank and the Association are pleased to announce that the discussions on the issue were constructive and informative. Any previously existingmisunderstandings were addressed and cleared. The Reserve Bank informed the Association that red meat dishes are indeed still being served in the Bank.Mr Mboweni assured the representatives of the Association that he and the Bank are confident of the high quality and safety of locally produced red meat and other meat products.Issued by: TT MBOWENIGOVERNORSA RESERVE BANK JAN GREYPRESIDENTSA STUD BOOK AND LIVESTOCK IMPROVEMENT ASSOCIATION ​