Like other countries, South Africa is drawing lessons from the financial crisis and the changing role of central banks. Our mandate has been clarified to more explicitly include a financial stability responsibility, and we are working on clarifying the role of financial stability in monetary policy formulation and implementation, having elevated the status of the Financial Stability Committee in the Bank.
As for the exchange rate, the South African rand has been one of the most volatile currencies among emerging market currencies and also has a significant effect on inflation. The SARB did not at any time intervene in the foreign exchange market to try and influence the value of the rand.