Lesetja Kganyago: Managing supply shocks - the role of monetary policy
What changed vs prior statement
- 01No material change in policy stance vs prior statement.
- 02Language essentially preserved across key paragraphs discussing economic resilience.
- 03Vote split: No vote-record change.
From the original
Address by Mr Lesetja Kganyago, Governor of the South African Reserve Bank, at the Bureau for Economic Research Annual Conference, Pretoria, 2 June 2026.
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4 itemsLesetja Kganyago: Supply shocks, monetary policy and the 3% target
The desk interprets Lesetja Kganyago's recent remarks on supply shocks and monetary policy as a clear signal of the South African Reserve Bank's commitment to maintaining its inflation target of 3%. Per the full note [source], Kganyago emphasized the importance of addressing supply-side constraints while balancing monetary policy to ensure price stability. This stance aligns with our view that the SARB will remain vigilant against inflationary pressures, particularly as global commodity prices fluctuate. With the consensus target for USD/ZAR at 1.075, the market is poised for potential volatility as traders assess the implications of these insights.