Reflecting on ninety years of intermittent success : the experience of the South African Reserve Bank with inflation since 1921

Abstract

The South African Reserve Bank (the Bank) has achieved intermittent excellence in its quest to contain inflation since its establishment in 1921. This long experience highlights important experiences with inflation, which can be put to good use by central banks in other emerging-market economies. The conclusion is that there is no substitute for the long-run use of sound monetary policy in the quest to contain inflation.