But, of course, if the experience of the past few years teaches us anything, it is that we should be cautious in our forecasts. What about the rest of the world?
The idea is that the implementation framework isn’t, by itself, forcing the SARB to expand its balance sheet.6 This new system was phased in between June and August last year. The transition to the new MPIF was generally smooth: we undertook extensive consultation with stakeholders before the transition, and we published a clear transition roadmap, which likely helped pre-empt problems and misunderstandings.