Prices rose from about $ 10 per barrel at the beginning of 1999 to levels in excess of $ 30 per barrel in the first half of 2000. This had a material impact on the import bill and prices in South Africa. Despite these developments, South Africa’s balance of payments remained inherently healthy, and the foreign reserves of the country increased substantially.
The FSR Act has also established a Twin Peaks approach to financial regulation, which means that prudential and market conduct regulation are now managed by two separate entities. The SARB, as the prudential regulator, has received expanded oversight responsibilities extending beyond banks, to include insurers and financial market infrastructures.