In these circumstances, it is important for the Reserve Bank not to overreact to exchange rate weakness. Too quick a tightening of monetary policy could endanger the growth prospects of South Africa and encourage an outflow of capital. This would put greater and more lasting pressure on the exchange rate of the rand with important consequences for inflation.
Conclusion 28. Let me conclude by saying that non-banking financial sector is at an inflection point right now. From here the entities which put interest of the customer above everything else, are responsible while innovating and have strong governance culture, will thrive while others will fade with the passage of time.