Under these circumstances the South African Reserve Bank has also been able to work down its oversold forward position in the market for foreign currency – its international liquidity position has changed from a negative $ billion at the end of 1994 to a positive $ billion at present.
These efforts will help us to avoid similar crises in the future. But the policy agenda is not complete and we must sustain momentum to continue to develop and implement strong regulatory, supervisory and other policies in the interest of financial stability. Indeed, work has not stopped since the London Summit.