## Monetary Policy Transparency and Financial Market Forecasts in South Africa

_IMF Working Papers, May 1, 2007_

## Source details

**Canonical URL:** [Monetary Policy Transparency and Financial Market Forecasts in South Africa](https://www.imf.org/en/publications/wp/issues/2016/12/31/monetary-policy-transparency-and-financial-market-forecasts-in-south-africa-20977)

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## Bibliographic details
- Authors: Vivek Arora
- Published: May 1, 2007
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451866872.001

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### Key findings
- Transparency of monetary policy in South Africa has increased substantially since the end of the 1990s.
- Recent years show South African private sector forecasters:
  - Have become better able to forecast interest rates.
  - Are less surprised by reserve bank policy announcements.
  - Are less diverse in the cross-sectional variety of their interest rate forecasts.
- There is some evidence that the accuracy of inflation forecasts has increased.
- Improvements in interest rate and inflation forecasts have exceeded those in real output forecasts, suggesting that increases in reserve bank transparency are likely to have played a role.

### Subject areas and keywords
- Subject: Economic forecasting, Exchange rates, Inflation, Inflation targeting, Monetary policy transparency
- Keywords: exchange rate, interest rate, market, WP

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/31/monetary-policy-transparency-and-financial-market-forecasts-in-south-africa-20977_