At this stage, we are able to rely on conventional monetary policy, which implies that we still have room to provide further accommodation before having to consider QE-type measures, should economic conditions deteriorate and inflation moderate further down towards the lower end of the inflation target.
The SARB, like many central banks that are not at the zero lower bound of their policy interest rates, used its balance sheet not to stimulate the economy but as a crisis management tool, in line with its financial stability mandate. We will continue to use these tools in the future in the same spirit if need be.