Most detached observers seem to agree that the underlying problems can be traced to certain fundamental weaknesses, weaknesses which clearly varied from country to country, but which have included poor quality credit analysis by banks and other financial institutions, politically-directed lending by banks, the end of an asset price bubble (typically real estate), sharply increased real exchange rates in a pegged exchange rate situation, distorted incentives in financial markets, and a lack of transparency in financial markets.
It reads: "The primary object of the South African Reserve Bank is protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic". Moreover, "in pursuit of its primary object, [the SARB] must perform its functions independently and without fear, favour or prejudice.