These initiatives include revamping the legal framework for surveillance to cover spillovers, a greater analysis of risks and financial systems, stepping up assessments of members’ external positions, and responding more promptly to concerns of member countries. All these changes were introduced with input from the G-20, and South Africa, as a member of the G-20, actively participated in these discussions and decisions.
We are building up reserves thanks to a trade balance surplus which is expected to continue in the next few years. Even after debt repayment and without considering future trade surplus, the international reserve stock is well above its optimal level in terms of imports for the next months, short-term external liabilities and monetary aggregates.