SA: IMF’s Gita Gopinath Commends South African Central Bank’s Proactive Stance on Inflation

Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund (IMF), has lauded the South African central bank for its proactive approach in raising interest rates to maintain inflation at a manageable level.

In an interview with Reuters, Gopinath expressed her appreciation for the strategy implemented by the South African Reserve Bank (SARB), emphasizing its appropriateness. She highlighted that as a result of these measures, inflation has returned to the central bank’s target range.

For the first time since April 2022, inflation figures fell within the 3% to 6% range in June. Speaking on the sidelines of a SARB conference held in Cape Town, Gopinath stated, “We believe that the central bank has taken the necessary steps by increasing interest rates to ensure that inflation remains well-contained.”