Hope for a more proactive Reserve Bank

Senior Reserve Bank officials and Monetary Policy Committee members Monde Mnyande and Brian Kahn have been appointed advisers to Bank governor Gill Marcus with effect from today.

Dr Mnyande, pictured right, will be responsible for establishing an outreach programme for the Bank to interact with stakeholders across the broad spectrum of South African society. He is also appointed Head of the Research Department and remains Chief Economist. Mr Kahn will be adviser responsible for economic developments.

Following recent statements by the ANC and its Alliance partners, COSATU and the SACP, it has become important that the Reserve Bank becomes more open and seriously debate its mandate with the public.

Aspects which need to be discussed include: 

• Monetary policy and inflation targeting 
• Promotion of economic growth and employment 
• Exchange rate intervention, eg to stimulate exports