Re-reading that book today, with the benefit of hindsight, three issues in particular stand out as the most striking: First, a prediction was made with absolute certainty, that “money’s destiny is to become digital”.
By end-2011, foreign exchange reserves could comfortably cover a year’s worth of South Africa’s external funding requirements (consisting of the current account deficit and short-term external debt, as per the so called augmented Guidotti Ratio definition). The Reserve Bank has continued to manage official reserves following prudent risk management and governance principles.