2002-10-23: Governor clarifies reports - statement by the South African Reserve Bank
Last Modified Date:
2020-10-08, 08:14 PM
Media > Media Releases
The Governor of the South African Reserve Bank, Mr Tito Mboweni, has clarified the report carried by Reuters, the international wire service, on Wednesday, 23 October 2002 at 11h59. The Reuters report supposedly emanated from remarks the Governor made at the dinner of the "Labour Markets and Poverty in South Africa" conference, organised by the University of Cape Town's Development Policy Research Unit last night (22 October 2002). The Reuters report states that the Governor has "added his voice to calls for an analysis of the country's consumer price indices to see if they accurately reflect the experience of all income groups". He said nothing of the sort. The Governor in fact challenged the academic research community to engage with public policy makers, like the South African Reserve Bank, in order to make themselves more relevant. He urged researchers to submit research proposals to the Bank on a whole range of topics relevant to the work of the Bank. The Governor said there should be rigorous academic research on a range of topics such as the inflation / employment issue, inflation targeting, and others. "We are two years into inflation targeting and I haven't seen any rigorous academic work which analyses this to see whether the approach is correct." The Governor was not making a policy statement but simply challenging the academic research community.