I love monetary policy questions!
Personally, I'd say yes - they have failed. The South African Reserve Bank has, as its primary role, the target of achieving price stability.
I don't think anyone can say they have achieved that - considering the massive fluctuations in recent years!
This has had a seriously negative impact on economic growth, and this has translated into rocky financial stability across the nation (and even the region).
The government set its target rate of inflation at between 3% and 6%, and the bank has done what it can to stabilise using the repurchase (repo) mechanism. It hasn't been as successful as planned though,
And now they are rolling out initiatives to get kids in schools around the country involved in suggestions ideas to bolster economic growth. Incredible if you ask me!