Such policies would gradually undermine the value of the rand and lead to an eventual collapse of the financial system, with serious adverse implications also for the level of real economic activity.
BIS Review 77/1997  -3-  Recent economic developments The Reserve Bank’s Annual Economic Report released this morning serves as a background to the following brief summary of major economic developments over the past twelve months: A year of economic consolidation The pattern of developments in real economic activity over the past twelve months can best be described as the outcome of a necessary process of consolidation after three years of positive growth.