More specifically, as a small, open economy New Zealand is especially vulnerable to downturns in its trading partner economies. And with a high reliance on banks for overseas borrowing, we are vulnerable to the transmission of financial instability through the banking system.
Lesetja Kganyago: Overview of the South African economy Address by Mr Lesetja Kganyago, Governor of the South African Reserve Bank, at the 95th annual ordinary general meeting of shareholders, Pretoria, 31 July 2015. *  *  *  The Bank has come through yet another difficult year, and the coming year looks no less challenging.