Unfortunately the integrated nature of the global economy means that South Africa has not been spared, and our future growth prospects are dependent to an important degree on global developments. 1.2 The domestic slowdown has had a direct impact on the road freight industry, which moves in excess of 80 per cent of the total load freight in South Africa.
We thus consider the current level of the key ECB interest rates to be appropriate. At this juncture it is of utmost importance that all macroeconomic policies remain oriented to the medium term, with all players fulfilling their responsibilities. Monetary policy will continue to provide a reliable anchor for the economy, especially in an environment characterised by high uncertainty and fragile confidence.