Unit labour costs in the first half of this year increased at rates within the inflation target range, measuring 4,6 per cent and 5,3 per cent in the first two quarters of this year. The nominal effective exchange rate of the rand depreciated by 0,3 per cent since the last meeting of the MPC, but it has been relatively stable over the period.
Ladies and Gentlemen, let me also urge the industry to move fast and develop a selfregulatory mechanism in addition to the current regime provided under the Act and Regulations to provide for a self-regulating mechanism including a code of conduct, oversight, disciplinary and dispute resolution mechanism, and minimum reporting and performance standards.