As was highlighted in the Governor’s Address last week, the central bank’s main contribution to economic development and export growth is to achieve price stability. That must come as a disappointment to those exporters here tonight who hoped I would say something about the rand’s exchange rate against the currencies of SA’s major trading partners.
The best that I can do on the topic of the exchange rate is to recount a story about the euro, which has recovered somewhat from its weakness against the dollar. Please bear in mind that I tell the story with my tongue firmly in my cheek.