The South African Reserve Bank’s 2025 Biennial Conference brought together renowned local and international monetary policy experts and academics to examine the challenges and lessons learnt from 25 years of inflation targeting. 

Held on 27–28 March, the conference explored the complexities of inflation targeting in a post pandemic world where central banks have grappled with inflation surges andrisks such as rising trade tensions, geopolitical fragmentation, high debt levels and climate change. The in-depth discussions illustrated that despite the complex global environment, the costs of a transition to permanently lower inflation are outweighed by the potential economic and fiscal benefits.

Alongside the summary of the biennial is a link to a set of papers providing additional perspective on monetary policy.