The Monetary Policy Committee (MPC) Schools Challenge is the South African Reserve Bank’s (SARB) flagship corporate social investment programme, designed to drive interest in economics and central banking among Grade 12 learners across South Africa.

Now in its 13th year, the competition is supported by the Department of Basic Education and the Independent Examination Board, and continues to grow – attracting more than 2 000 matric learners each year.

How the challenge works

Each participating school chooses four Grade 12 learners with Economics and Mathematics as subjects. The four-person teams and their teachers attend a day-long workshop, where SARB economists and officials enhance their understanding of monetary policy, public speaking and the central bank’s role in the economy.

SARB economists – some of whom are past beneficiaries of the challenge – also provide learners with resources, economic data and expert guidance.

The learners then submit essays written in the format of an MPC statement. Following an audited adjudication process, teams are shortlisted to move onto the second round.

The finalists then have an opportunity to present their statements and reasons for their interest rate decisions, contextualising global and domestic economic conditions using relevant data and information. Replicating an actual MPC press conference, they present their decisions and supporting arguments to a panel of judges.

Attractive prizes for winners

The members of the winning team each receive a SARB bursary, a cash prize and an iPad. Their school receives a cash prize and their educator a laptop. All finalists, their teachers and their schools also walk away with prizes.

How to participate:

Attend one of the MPC Schools Challenge briefing sessions in your province by clicking here or by using the details below.

Watch the 2024 Winners' Announcement below:

Resources
 

How to enter the challenge

The rules for all participating teams are as follows:

• Team members must attend a public school (public or governing body-funded public school).
• The school must offer Economics and Mathematics as subjects.
• Only one team per school, comprising a Governor and three Deputy Governors, can enter.
• All team members must be enrolled for Grade 12 with Economics and Mathematics as subjects.
• All team members must be full-time learners at the school which they represent.
• Other students at a participating school can help the team to research and prepare the MPC statement, but only the registered team members can present at the finals.
• Teams are allowed to use data from any source, not just the SARB, but all information obtained from other sources must be clearly referenced.
• Teams must base their decision on data that pertains to the forecasting period of the challenge set by the SARB.
• Team members cannot be changed during the competition without prior approval by the SARB.
• All team members must be present at the finals and be available to answer questions following the team presentation. This requirement will only be waived in exceptional circumstances and with prior agreement by the SARB.
• SARB employees and their relatives are not allowed to participate in the challenge.
• Foreign students or students with dual citizenship are not allowed to participate in the challenge.
• Essays may be typed or handwritten; then record a video clip to submitted to SARB. 
  
• Click here to download the entry from.
• Note, closing date for the 2025 challenge is [INSERT DATE].

Judging process and criteria

In the first round of the MPC Schools Challenge, judges from the SARB and the Department of Basic Education assess each team’s MPC statement.

If chosen as a finalist, the team advances to the second round of the challenge. This is the presentation round, where judges evaluate teams’ presentation of their statement as well as their ability to reason through questions related to monetary policy.

In both rounds, judges will be looking for an:

• understanding of economics and the South African economy;
• understanding of monetary policy in South Africa; and
• ability to clearly articulate thoughts and ideas.

Tip for drafting your MPC statement

The SARB suggests that teams draw up questions they want to answer in their statement, and then make sure they address them systematically. Example questions include:

• Is the economy slowing down or speeding up?
• What areas of demand are strong or weak?
• What is the outlook for demand?
• What is happening in the world economy?
• In which direction does employment appear to be moving?
• How close is the economy to operating at full capacity?
• Are wage pressures and other costs rising or falling?
• How has the exchange rate changed?
• Is the current rate of inflation likely to rise or fall?

MPC statement requirements

Compiling the MPC statement gives teams the opportunity to assess current and expected future economic conditions, and to reach a decision on the repurchase (repo) rate.

When reviewing the MPC statements received from schools, judges will be looking for:

• A logically written report. Teams must structure their report in a way that best enhances their argument. They are encouraged to assess a range of indicators and consider important issues from both sides, but all teams must be sure the judges can see why they came to their repo rate decision.
• Their ability to explain why they think things have happened/are going to happen. As such, teams need to back up their arguments with relevant information and data.
• A wide range of sources for their information (e.g. newspapers, private banks, and other public sector organisations). However, teams need to make sure that they correctly reference these sources. It is likely that SARB staff will have seen this information and so will recognise it as someone else’s argument. Failure to acknowledge other people’s work and/or to pass it off as your own is plagiarism.
• A well-presented document, with correct spelling and grammar, which keeps to the 1 000 word limit.

The judges will not give marks for correctly ‘guessing’ what the SARB’s next interest rate move will actually be. Rather, they will be interested in how teams justify their decision.

Finalist teams should not change their decision for the oral presentation if the SARB has since made a different decision to that which the team suggested in their MPC statement.

Click here to download the presentations and resources for the 2025 challenge.