The picture was not all rosy -- the slower output growth of 1996 was still making its presence felt in the form of sluggish employment growth in the first half of 1997, there were some doubts about the strength of investment, and the effects of El Niño were around the corner.
The contribution of the South African Reserve Bank So what is the contribution from the SARB? Our fundamental, constitutional mandate is to protect the value of the currency in the interests of balanced and sustainable growth. Balanced growth is about seeing to it that the value of the currency allows both exporters and importers to engage productively in the economy.