{"id":8592,"date":"2012-03-05T14:55:07","date_gmt":"2012-03-05T12:55:07","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/no-need-for-s-africa-inflation-target-debate-anc\/"},"modified":"2012-03-05T14:55:07","modified_gmt":"2012-03-05T12:55:07","slug":"no-need-for-s-africa-inflation-target-debate-anc","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/no-need-for-s-africa-inflation-target-debate-anc\/","title":{"rendered":"No need for S.Africa inflation target debate: ANC"},"content":{"rendered":"

\t\t<\/span><\/p>\n

JOHANNESBURG, March 5<\/span> (Reuters) – South Africa’s
\nReserve Bank is aware that inflation targeting must be pursued
\nwith economic growth in mind so there is no need for a
\ndiscussion of the central bank’s mandate, a senior official from
\nthe ruling ANC party said on Monday.<\/span><\/p>\n

<\/span><\/p>\n

A local paper reported on Sunday the ANC was mulling reforms
\nto the constitution which would include changing the central
\nbank’s powers and its price stability mandate, with some party
\nmembers calling for the inflation targeting strategy to be
\nscrapped.<\/p>\n

<\/span><\/p>\n

The ANC’s powerful labour union allies have in the past
\naccused the Reserve Bank of pursuing its target of keeping
\ninflation within a 3-6 percent target, without considering the
\nnegative impact of relatively high interest rates on economic
\ngrowth and subsequently unemployment.<\/p>\n

<\/span><\/p>\n

On Monday Enoch Godongwana, a member of the ANC’s
\ndecision-making national executive committee and head of its
\neconomic transformation committee (ETC), said Finance Minister
\nPravin Gordhan had made clear the Bank must take into account
\nkey issues like unemployment.<\/p>\n

<\/span><\/p>\n

“The reason why within the ETC we have not pursued that
\ndiscussion (on inflation targeting) is precisely because the
\nMinister of Finance … and the Reserve Bank have dealt with
\nthat matter to the satisfaction of everybody else,” Godongwana
\ntold a media briefing.<\/p>\n

<\/span><\/p>\n

“We have felt that there’s no reason to pursue the
\ndiscussion anymore, so it’s not contained in any of our
\ndocuments at the moment.”<\/p>\n

<\/span><\/p>\n

The ANC, which holds a policy-setting conference in June, is
\ndue to release draft policy discussion documents to its branches
\non Monday. Proposals in the discussion papers would have to be
\nadopted at another conference in December to shape government
\npolicy.<\/p>\n

<\/span><\/p>\n

The Reserve Bank slashed rates by 650 basis points in the
\ntwo years to November 2010 to help the economy recover from a
\nrecession. Analysts see rates remaining at three-decade lows
\nthis year to help growth, despite inflation having pierced the
\nupper end of its target band.\t<\/p>\n

(Reporting by Stella Mapenzauswa; editing by Anna Willard)<\/p>\n

<\/span><\/p>\n

\n

\t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"

JOHANNESBURG, March 5 (Reuters) – South Africa’s Reserve Bank is aware that inflation targeting must be pursued with economic growth in mind so there is no need for a discussion of the central bank’s mandate, a senior official from the ruling ANC party said on Monday. A local paper reported on Sunday the ANC was […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8592","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8592"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8592\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}