The Governor of the South African Reserve Bank, Mr TT Mboweni, has taken note of a media report published today that claims he inferred the inflation targets for 2002 would not be met. The Governor emphasised that he did not imply anything of the sort.In the interview, the Governor clarified to the publication concerned that it was incorrect for them to continue saying that the money supply and credit extension figures were above the Reserve Bank’s informal guidelines. He specifically indicated that with the adoption of inflation targeting the pursuit of intermediate targets or guidelines fell away. The ultimate objective of inflation targeting is to achieve the specified inflation targets. And the conduct of monetary policy is directed at achieving these targets.The Governor also explained that monetary policy is forward-looking and that monetary policy decisions taken during the course of this year are intended to have an effect on the inflation outcome in 2003 and 2004. The South African Reserve Bank remains committed to achieving the inflation targets. At no time did the Governor suggest that the inflation targets for 2002 would not be met. As Mr Mboweni and the Minister of Finance said in a joint statement released on 21 December 2001, only at the end of the calendar year 2002 can it be determined whether or not the target has been attained and statements that the inflation target will be missed are premature.The Governor views this report in a very serious light and considers it to be highly irresponsible.