Monetary policy Monetary policy was dominated in the past year by having to respond to the inflationary pressures arising from exogenous shocks in the form of a substantial depreciation in the external value of the rand in late 2001 and a sharp rise in international oil prices.
An everlasting challenge: regulating the shadows  When entertaining the idea of extending TLAC to non-banks, we have to bear one important aspect in mind: this extension will only reach those non-banks that are already regulated today such as insurance companies, for instance.