The year-on-year all-goods PPI in March 2003 was down to 5,1 per cent, with a lot of impetus coming from the recovering exchange rate of the rand - the imported component of the CPI fell to 0,5 per cent, the lowest rate of increase since  BIS Review 23/2003  1  May 1998.
This Board has explicit legislative responsibility for ensuring the stability and efficiency of the payments system. In the stability area much of the hard work has already been done.