Monetary policy, South African inequality, equal opportunity, SARB South African Reserve Bank, Gini coefficient, Bantu Education Act of 1954, MPC Monetary Policy Committee, unemployment, repurchase rate, Monetary policy transmission mechanism, B-BBEE Broad-Based Black Economic Empowerment
In 1994 the first democratic elections in South Africa brought about the promise of equal opportunity and overall improvement of living standards. However, 26 years later the high levels of South African inequality still remain. This level of inequality has been institutionalised in the economy and is visible in many inequality measures. The mandate of the South African Reserve Bank (SARB) is to achieve and maintain price stability in the interest of balanced and sustainable economic growth in South Africa. The SARB also has a personnel philosophy that recognizes that equal opportunities for all, irrespective of ethnicity, race, gender, disability or religion, should be pursued. Therefore, even though the SARB utilizes monetary policy to follow its mandate, its actions will have an effect on inequality. This effect is conveyed through the monetary transmission mechanism.
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