Nor will it imply any pre-selection for a potential subsequent tender. The ECB intends to announce the findings of the market research in the second quarter of 2023.
Allow me to point out, however, that, unlike previous episodes of rand depreciation, the nominal effective exchange rate of the rand has been reasonably stable since the beginning of 2014, and, relative to baskets of commodityexporting or large emerging-market economies, the rand has regained some of the ground it had lost in earlier years.