South Africa’s Kganyago Says CPI Near 3% Seen Yielding Lower Rates

South African Reserve Bank Governor Lesetja Kganyago expects the National Treasury and monetary authority to reach an agreement on a new inflation target, after his announcement last week that policymakers will now aim for 3% drew a terse reaction from the finance minister.

“Conversations continue and I have got no doubt we will find each other,” Kganyago told the bank’s annual general meeting in Pretoria on Friday. The working relationship between Treasury and the SARB has “remained strong,” he said.