In addition, at this juncture the jury is still out on the likely effectiveness and impact of negative interest rates as a policy tool. Lastly, decisions by the credit rating agencies may have an important effect on asset prices in South Africa.
By this time, I am sure there is a need to replenish your refreshments, but before I conclude, allow me to take this opportunity, on a slightly different note, to announce that the Bank published its Official Gold and Foreign Exchange Reserves Management Investment Policy on its website today.