It serves not only as a sobering reminder of a dark past, but also as an awe-inducing monument of the great things that can happen if people come together. The Constitution has an important place in the work of the South African Reserve Bank (SARB).
Taking into account all the new information and analyses which have become available since our meeting on 7 October 2010, we continue to expect price developments to remain moderate over the policy-relevant medium-term horizon. Recent economic data are consistent with our assessment that the underlying momentum of the recovery remains positive. At the same time, uncertainty is prevailing.