We scaled back our quantitative easing, ending it in October 2021, and entered the reinvestment phase. We now purchase bonds only to keep our overall holdings stable as bonds mature. And while our exceptional forward guidance remained in place until a few weeks ago, we regularly updated our view of when the necessary conditions to raise interest rates would be met.
I am convinced that the Southern African-German Chamber of Commerce and Industry can likewise make a contribution. By fostering trade and business ties between Southern Africa and Germany, and specifically targeting small and medium enterprises, which must be the job creators in this economy, you are contributing to putting this country and region onto a higher growth path.