It could partly be linked to a switching of international trade financing from foreign to domestic sources, or partly to the financing of summer crops in the agricultural sector that are being harvested late this year. It is also known that bank credit extended to local authorities increased by no less than R2.7 billion from 31 December 1996 to 30 June 1997.
At the end of that process, for the Code to be effective and for it to achieve what we want it to achieve, it will need to be accepted and endorsed across the full spectrum of market participants. That said, the process does not really end, because as the foreign exchange market continues to evolve, the Code will need to evolve with it.