IMF Praises South Africa's Efforts in Controlling Inflation

The International Monetary Fund (IMF) has commended the South African Reserve Bank for its effective management of inflation, which has achieved the target range of 3% to 6% in 2023. IMF spokesperson Julie Kozack highlighted the bank's strong policy measures in keeping inflation in check.

Despite this progress, the Reserve Bank has kept the interest rate at 8.25%, a 15-year high, indicating caution amid still notable price pressures. Kozack also emphasised the need for structural reforms and responsible fiscal management by the new government to support continued economic stability and growth.