Governor, South African Reserve Bank
Search every verified Lesetja Kganyago interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Lesetja Kganyago, Governor of the South African Reserve Bank, announced on 23 July 2026 that the Monetary Policy Committee (MPC) had decided to keep the policy rate unchanged at 7%, with four members preferring a hold and two favoring a 25 basis point increase. Kganyago said the crisis in the Middle East had entered a "new and volatile phase," noting that oil prices had rebounded to roughly $90 a barrel after declining to about $70. He stated that the inflation outlook had improved slightly since the previous meeting but that inflation was "still too high while growth is weak." Kganyago said the committee agreed that the outlook was uncertain and that the policy stance was "appropriate for now with rates somewhat restrictive." In May 2026, Kganyago had announced a 25 basis point increase in the policy rate to 7%, citing the Middle East conflict as a driver of inflation. He described the situation as "a painful combination of higher global uncertainty and reduced disposable income." At the June release of the Financial Stability Review, Kganyago said the bank was making its supplementary deposit facilities available to central counterparties for the first time. He also spoke at the inaugural Tito Mboweni Memorial Lecture in June, describing Mboweni as "a giant in the world of policy" and noting that Mboweni "would likely have had a great deal to say about the state of the world today, marked by the rise of protectionism and attacks on multilateralism."
“The crisis in the Middle East has entered a new and volatile phase. Traffic through the Strait of Hormuz has picked up and then fallen again. Oil prices, which had declined to about $70 a barrel earlier this month, have now rebounded to roughly $90.”
“The committee decided to keep the policy rate unchanged at 7%. Four members preferred a hold, while two favored an increase of 25 basis points. The committee agreed that the outlook is uncertain and with the rate increase at our previous meeting, the policy stance is appropriate for now with rates somewhat restrictive.”
“Against this backdrop, the committee decided to keep the policy rate unchanged at 7%. Four members preferred a hold, while two favored an increase of 25 basis points.”
“To conclude, the inflation outlook has improved slightly since our last meeting, but inflation is still too high while growth is weak. We are setting policy to achieve 3% inflation over time ensuring the current supply shock does not de-anchor inflation expectations.”
“We actually in a very difficult bind. The worst position for a central banker to be in is to have rising inflation and weak demand because you do not have an instrument for one or the other. You have got the same instrument and so where do you deploy it in that instance.”
“If you wait until the second round effects are in the room, it is too late and you will then be forced to act more aggressively than you would have otherwise had acted.”
“The worst position for a central banker to be in is to have rising inflation and weak demand because you do not have an instrument for one or the other. You have got the same instrument and so where do you deploy it in that instance.”
“We are setting policy to achieve 3% inflation over time, ensuring the current supply shock does not de-anchor inflation expectations. At the same time, we recognize that South Africa's growth prospects will be driven mainly by domestic reforms.”
“The Middle East crisis that began in late February is just one of those exogenous shocks like COVID and the Ukraine war that you can't really forecast but which nonetheless transform the outlook. We had oil at $60 a barrel, inflation at 3%. And we were cutting rates. Now we have oil around $100 a barrel. Inflation is a...”
“The main example here is our new 3% inflation target which has already helped reduce longer-term borrowing costs and lower inflation expectations.”
“The second initiative, which I'm happy to announce for the first time today, is to make the subd deposit facilities available to central counterparties, the CCPs.”
“The end state of exchange controls is going to be South Africa's compliance with the OECD code on capital account liberalization. That is the standard. That is what is used. So once we are fully compliant with it, we will say to you whatever we do is compliant with that and that's what we get evaluated.”
“What makes 2026 different is that it is only four years since the great inflation and that when 2026 set in, bar for the ECB, the rest of the developed economy central banks were outside of their targets. They were far away from target and that should be a concern.”
“It is really a privilege for me to be entrusted to hold an event that bears the name of a giant in the world of policy and a close friend whom I miss dearly.”
“Tito would likely have had a great deal to say about the state of the world today, marked by the rise of protectionism and attacks on multilateralism in the wake of growing global imbalances.”
The Reserve Bank’s Monetary Policy Committee kept its main lending rate unchanged at 7 per cent. South African Reserve Bank Governor Lesetja Kganyago explains the reasoning and outlines the country’s economic and inflation outlook amid on-going Middle East tensions.
WATCH LIVE: Reserve Bank Governor Lesetja Kganyago Announces South Africa's Latest Interest Rate Decision, #reporate #business #money #southafrca #lesetjakganyago
The South African Reserve Bank releases the Financial Stability Review (FSR), which provides readers with the SARB’s assessment of the stability of the South African financial system. The Financial Stability Review is a document mandated by the Financial Sector Regulation Act, which requires the SARB to assess and communicate the stability of the South African financial system. The FSR is released twice a year.
The South African Reserve Bank (SARB) hosts the Inaugural Tito Mboweni Memorial Lecture delivered by Professor Axel A ...
Driven by Middle East conflict-induced inflation, the South African Reserve Bank (SARB) has raised interest rates by 25 basis points. South African Reserve Bank Governor Lesetja Kganyago explains the reasoning and outlines the country’s economic and inflation outlook amid Gulf tensions.
🔴 WATCH LIVE: IOL brings you live, uninterrupted coverage as South African Reserve Bank (SARB) Governor Lesetja Kganyago delivers the highly anticipated Monetary Policy Committee (MPC) statement. Millions of South African consumers, homeowners, and businesses are waiting to see if the central bank will introduce relief, adjust borrowing costs, or maintain a hawkish stance to defend the Rand and tackle stubborn inflation. Watch the Governor break down the official repo rate decision and the economic indicators driving the board's vote. WHAT IS ON THE LINE TODAY: • The Repo Rate Verdict: The…
South African Reserve Bank Governor Lesetja Kganyago Announces MPC Decision on Intrest Rates.
Policy Makers Should Look Thorigh First Around Effects, But Not Second Round Effects, In this thought-provoking discussion, the speaker challenges policy makers to rethink how they approach economic and social policies. He explains why focussing only on immediate outcomes can lead to unintended long-term consequences, and why understand "first-round effects" versus second-round effects" is critical for better decision-making. Watch until end for power insights that could change how you view politics, economics, and leadership in South Africa. ______ Full Speech Here: • [PUBLIC LECTURE] G…
... um honored speaker Governor Leeta Kanyago and Mrs thora Pandi who's in the audience from the South African Reserve Bank ...
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