SARB says unrealistic to target specific employment level
South African Reserve Bank (SARB) governor, Lesetja Kganyago, said on Wednesday that it is unrealistic for central banks to target specific employment levels, after the country's governing party said the bank should broaden its focus.
The African National Congress (ANC), which is trying to woo voters before a May election, in January said that the SARB should try to boost employment and economic growth alongside its goal for price stability.
The battle against unemployment has been a cornerstone of the presidency of ANC leader Cyril Ramaphosa since he became South Africa's president in February last year.
"Employment levels are determined by many different things, so putting a specific target on it for the central bank to try to achieve is unrealistic," Kganyago said during a lecture at Stellenbosch University.
Kganyago added that the case for the SARB's existing inflation-targeting framework was "very strong", according to a copy of the lecture distributed by the central bank.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation