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Introduction: South African Monetary Policy Regimes

In: Monetary Policy and the Economy in South Africa

Author

Listed:
  • Mthuli Ncube

    (African Development Bank Group)

  • Eliphas Ndou

    (Reserve Bank of South Africa)

Abstract

Since 1970, South African monetary policy has consisted mainly of direct controls, which ranged from credit ceilings to cash reserve requirements and interest rate controls. These direct controls were aimed at curbing the growth of monetary aggregates to deal with inflation (Aziakpono and Wilson 2010). Of note is the recommendation of the De Kock commission, formed in 1977: market oriented monetary policies.1 The policy recommendations included using a discount policy known as an ‘accommodation’ policy, which was complemented by open market operations, and variable cash reserve requirements.2

Suggested Citation

  • Mthuli Ncube & Eliphas Ndou, 2013. "Introduction: South African Monetary Policy Regimes," Palgrave Macmillan Books, in: Monetary Policy and the Economy in South Africa, chapter 1, pages 1-6, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33415-2_1
    DOI: 10.1057/9781137334152_1
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