While labour cost pressures have strengthened amid tighter labour markets, the weaker growth momentum is delaying their pass-through to inflation. Over the medium term, inflation is expected to increase, supported by our monetary policy measures, the ongoing economic expansion and solid wage growth. Turning to the monetary analysis, broad money (M3) growth stood at 5.6% in November 2019, broadly unchanged since August.
In the SADC region, the payments integration project is well underway, and the SADC Integration Regional Electronic Settlement System (SIRESS for short) is expected to be commissioned later this year. Just as for infrastructure for domestic financial transactions, the prerequisite for effective cross-border payment systems is that they must be safe and secure.