Kganyago was speaking on the sidelines of the World Economic Forum Africa meeting underway in Durban.
Earlier this year, the Reserve Bank said it may have reached the end of its interest rate hiking cycle, with inflation starting to pull back.
Kganyago says they are sticking with this view despite the recent credit rating downgrades.
“We still hold to that view because the steps that we’ve taken with monetary policy over the past year were not meant for yesterday’s inflation but for future inflation.”
He adds they remain aware of the accommodating role interest rates must play amid slow economic growth.
“For what this uncertainty could’ve done, is that it might slow us from continuing to provide accommodation.”
Kganyago has highlighted the crucial role central banks play in achieving inclusive growth by containing inflation.
(Edited by Zamangwane Shange)