Most people only hear about the South African Reserve Bank when interest rates change. But what happens behind the scenes before those decisions are made?
In this webinar, our host Carel Nolte sits down with Rashad Cassim, Deputy Governor of the South African Reserve Bank and member of the Monetary Policy Committee, to unpack how the Reserve Bank thinks about inflation, interest rates, financial stability, and the future of South Africa’s financial system.
From the mechanics of monetary policy to managing South Africa’s foreign reserves, digital payments, and financial innovation, this conversation provides a rare look inside one of the country’s most important institutions.
Topics covered include:
The role of the South African Reserve Bank beyond interest rates
Why inflation targeting matters and the move to a 3% inflation target
How interest rate decisions affect households, businesses and the economy
The Monetary Policy Committee decision-making process
First-round and second-round inflation effects explained
How inflation expectations influence policy decisions
The impact of fuel prices, food prices and global shocks on inflation
How South Africa’s monetary transmission mechanism works
Managing South Africa’s foreign reserves and financial resilience
The Reserve Bank’s financial stability mandate
Digital payments, blockchain and financial innovation
Why South Africa is modernising its payment system
The future of AI, investing and financial markets
How the Reserve Bank approaches transparency and accountability
What young investors should understand about monetary policy
⏱️ Timestamps:
00:00 Welcome & introduction
01:04 Introduction to Rashad Cassim
02:00 What does the Reserve Bank do?
05:02 Why South Africa moved to a 3% inflation target
09:05 How interest rates affect inflation and the economy
13:27 Inflation shocks and second-round effects
18:38 How Monetary Policy Committee decisions are made
24:02 Foreign reserves and financial stability
27:18 Digital payments, blockchain and financial innovation
29:48 Young investors, AI and the future of finance
33:15 Life outside the Reserve Bank & closing remark
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It’s very refreshing to hear from someone from the inside of the SARB and loves what they’re do too.