The Monetary Policy Committee (MPC) Schools challenge is a competition which the Reserve Bank ran in partnership with the Department of Education.
It challenges Grade 12 learners passionate about economics, to look into just a few of the things that the Bank needs to consider when it sets the country’s repurchase rate otherwise known as the repo rate.
A repo rate is a rate which affects every single person, business and organisation in the country and which is decided by the Bank’s Monetary Policy Committee every two months.
Schools participating in the challenge had the chance to step into the shoes of the Reserve Bank’s Monetary Policy Committee and, using Reserve Bank data, to analyse whether South Africa’s repo rate should go up, go down (and by what amount) or stay constant.
Seven provinces were invited to take part in the competition which saw a team of four learners per school write the Monetary Policy Statement in an essay comprising 1000 words.
Boksburg High School team was chosen as one of the seven finalists to take part in the finals at the South African Reserve Bank on August 2 to 3. They were required to present their MPC statement in front of a panel of judges.
The prize giving ceremony was held at the South African Reserve Bank, on August 7.
Cash prizes were awarded to the learners and to Boksburg High School. Members of the team also had their names put forward to receive South African Reserve Bank bursaries.
