Lesetja Kganyago: Remarks - annual dinner for the Heads of Foreign Missions accredited in South Africa
What changed vs prior statement
- 01No material change in policy stance vs prior statement.
- 02Language essentially preserved across key paragraphs regarding monetary policy challenges.
- 03Vote split: No vote-record change.
From the original
Remarks by Lesetja Kganyago, Governor of the South African Reserve Bank, at the annual dinner for the Heads of Foreign Missions accredited in South Africa, South African Reserve Bank, Pretoria, 9 July 2026.
Related speeches
4 itemsLesetja Kganyago: Overview of the South African economy
Lesetja Kganyago: One crisis after another - shocks, imbalances and resilience in the global economy
Lesetja 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.