SA Reserve Bank governor Tito Mboweni has stressed the importance of a strong independent central bank, saying that central bankers operated on a longer term time scale than politicians and did not face the same temptation to relax policy to achieve short term objectives. “By delegating decisions about interest rates and other monetary matters to such an independent institution, with a clearly defined mandate, society can hope to achieve a better inflation outcome over the long term,” he said. The governor made mention of the degree of financial stability that had been attained in South Africa in the past few years. “It is exciting to note that financial stability provides a sound basis for sustainable strong economic growth and development. More and more evidence suggests that central bank independence and prudent policies in general are starting to pay off,” Mboweni said. – Own Correspondent