Reserve Bank prepared to act to protect Rand
In a speech to investors in New York, Mminele said it was important that the central bank did "not allow any doubting of its preparedness to act when necessary and in keeping with the commitment to its primary objective."
Inflation is already above the top end of a 3-6 percent target band, but the bank has been loathe to tighten policy too quickly because of a stagnant domestic economy, which is expected to grow at less than 2 percent his year.
Despite the growth concerns, Mminele said a gradual tightening cycle started this year would continue.
"It would be reasonable to infer that a gradual, data-dependent, normalisation path remains appropriate," he said.
However, he also said the bank would continue its policy of avoiding significant, direct intervention in the currency markets.
"While the Reserve Bank does not target a particular level or range of the exchange rate, we are nonetheless mindful of the potential negative consequences of accelerated rand depreciation on the outlook for inflation," he said.
Kganyago will begin his term at the helm of the Reserve Bank on Nov.9.