This is why we are saying to businesses: “Investment is your decision, a decision based on a number of criteria. One of those criteria is the level of interest rates.
For example the decline in the exchange rate, even if not by as much as we might have expected, has had the effect of supporting growth and keeping inflation from falling as much as it might have done. And, of course, monetary policy has also responded to the evolving situation, consistent with the Reserve Bank’s mandate.