South Africa’s Kganyago Presses Case for 3% Inflation Target

South Africa’s central bank chief Lesetja Kganyago doubled down on his preference for a 3% inflation target, arguing that a lower goal could improve the country’s risk profile, reduce debt levels and curb price-growth volatility.

“This is something we hope to deliver with our new preference for having inflation settle at the lower end of our 3% to 6% target range,” Kganyago said in a speech posted on the bank’s website on Tuesday. “This cannot be a promise, but it can be a serious aspiration.”