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TimesLive reports that South African Reserve Bank (SARB) governor Lesetja Kganyago said on Tuesday that one of the main contributing factors to SA’s high unemployment rate was that many people did not live close enough to where job opportunities are.
Apart from that, the central bank was not well placed to solve the country’s “terrible unemployment problem”‚ which has lasted at least for two decades, with its monetary policy. Kganyago was speaking at a lecture on monetary policy at the University of KwaZulu-Natal, where he also addressed whether the Reserve Bank should aim to reduce the unemployment rate‚ currently at 26.5%. He indicated that one of the tactics was to keep inflation down‚ but it was difficult for the Reserve Bank to specifically target unemployment. “Looser monetary policies will not get our people Bachelor of Science degrees or move their residences close to where the job opportunities are. Nor will lower interest rates reform our labour markets‚” Kganyago indicated.
- Read this report by Bongani Mthethwa in full at TimesLive
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