The ZAR has fluctuated in a range of between R11.30 and just over R14,00 against the US dollar since the beginning of the year, depreciating to a historic low of R14.16 against the US dollar, but more recently we have seen some correction. On a year-to-date basis, the rand is almost 12 per cent weaker against the US dollar.
Information though is a two-way street: we will continue to oversee covered-institutions based on our risk-based supervisory framework while stakeholders need to remain faithful to the tenets of transparency and disclosure. 4  BIS Review 119/2008  Macro-economic landscape We would like to reiterate that the country’s macro fundamentals remain sound and the economy has proven to be resilient.