Although the rand depreciated sharply in the immediate aftermath of the British referendum, it has reversed these losses. At the time of the most recent MPC meeting, the rand had appreciated against the major currencies, and on a trade-weighted basis, the rand had appreciated by 12,2 per cent.
In this context the Governing Council of the ECB met this morning and, as you know, decided to reduce the monetary policy rate by 25 basis points and take a series of measures to improve liquidity provision to the banking sector, thereby enhancing the operation of the credit channel.