After depreciating by 0,4 per cent during January 2003 on a weighted average basis, the rand appreciated by 8,2 per cent and 0,4 per cent respectively during February and March, resulting in an increase of 7,5 per cent from the end of December 2002 to the end of March 2003. This followed a 26 per cent appreciation for 2002 as a whole.
With me is John Murray, a deputy governor at the Bank of Canada and member of the Bank's Governing Council. Let me start by saying that the issue of internal trade barriers is critically important, and I'm very pleased, Mr. Chairman, that your committee is examining it.