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South Africa books ‘big wins’ on lower inflation, Kganyago says | SA News

South African central bank Governor Lesetja Kganyago said lower inflation has delivered “big wins” by reducing government borrowing costs, vindicating his decision to anchor the rate at the bottom of the bank’s 3% to 6% target range.

“There are benefits to having a low inflation economy,” he told a parliamentary hearing in Cape Town on Thursday, noting prices double every 12 years when inflation averages 6%, but only every 24 years when it averages 3% — urging lawmakers to “make your pick.”

Read: Interest rate uncertainty persists

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  1. Fun South African Fact: There are more than 2000 shipwrecks off the South African coast, most dating back at least 500 years.