Let me devote some remarks to this subject, as it is an area to which the Central Bank has devoted substantial resources in recent years. The Central Bank of Bahrain is the single regulator for the financial services sector. We are the only central bank in the region with responsibility for regulating all banking, capital markets, fund management and insurance business under one roof.
As for the rand, it has recovered by about 20% on a tradeweighted basis from the lows it had reached in early 2016. Yet this relative stability is fragile, dependent on developments that may reverse in the not-too-distant future.