Based on data provided by the Bank for International Settlements for cross-border bank liabilities and international bonds outstanding. BIS Review 16/2005  3  *  *  *  Can market forces incrementally defuse a buildup in a nation's current account deficit and net external debt before a crisis more abruptly does so?
We have and continue to concentrate on building our reserves gradually and sensibly to a level that could be regarded as appropriate for a small open economy such as South Africa. Of course, we also have to bear in mind the costs of accumulating reserves. The appropriateness of reserve levels will also change over time.