2006-09-29: Monetary Policy Committee Strategy Session Media Statement
Last Modified Date:
2020-10-08, 08:12 PM
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Press Statement issued by Mr TT Mboweni, Governor of the South African Reserve Bank In 2003, after 3 years of inflation targeting, it was decided to hold periodic strategic planning sessions of the Monetary Policy Committee to discuss broader theoretical monetary policy issues, as well as practical issues related to the implementation of the inflation targeting framework. The first strategic planning session was held in 2003. Having accumulated a further 3 years of experience, and mindful of new theoretical and technical developments in the area of monetary policy, the Monetary Policy Committee decided early this year to organise another strategic planning session from 28 September to 1 October 2006. As with the previous meeting in 2003, the current programme is structured to provide for challenging debate around new perspectives. The first session focuses on international trends in the implementation of inflation targeting. The second and third sessions provide an opportunity for the MPC to debate and challenge the views of international experts on the South African macroeconomic policy framework and on dealing with macroeconomic imbalances. The remaining sessions relate to the internal workings of the Committee. These include a critical discussion of the forecasting models of the Bank, the content of the presentations to the MPC and the communication strategy of the Bank. The ultimate objective of the strategic planning session is to ensure the optimal implementation of monetary policy within the inflation targeting framework. This meeting is not meant to decide on a monetary policy stance.