Although by some standards this still represents a fair degree of volatility, one should see this in the context that South Africa is an open economy exposed to international foreign exchange markets that have been fairly volatile recently. Our efforts with regard to strengthening our reserves level should over time contribute to a less volatile exchange rate.
On the exchange rate – We will continue to pursue the policy of a market-determined exchange rate. But while we don’t expect drastic moves, the market should bear in mind that the exchange rate is no longer a one-way bet. The BSP is carefully monitoring market behavior.