A review of South Africa’s inflation target by the National Treasury and the nation’s central bank is close to completion, Governor Lesetja Kganyago said.

“It should be very soon that it’s finalised,” Kganyago said in an interview with Bloomberg Television on Tuesday on the sidelines of a European Central Bank forum in Sintra, Portugal.

“Our teams have been working very hard, they are fine-tuning the final details and they’ll make their recommendations to the minister and the governor.”

The central bank’s inflation target, which was adopted in 2000 and hasn’t been reviewed since, is currently under review by teams from the Sarb and Treasury. That technical work is nearly done and they will present recommendations soon to Kganyago and Finance Minister Enoch Godongwana, the Sarb said in its annual report on Monday.

“We have impressed on the team — there is an opportunity right now of using opportunistic inflation and the sooner we finalise that the better,” Kganyago said.