The best medicine for the one-way view regarding the direction of the rand's exchange value which prevailed from the early 1980s up to 2001, however, was the recovery of the rand over the past four years, which bit deeply into the pockets of rand pessimists.
The Bank may also build up or reduce its international reserves; in recent years the emphasis has been on accumulating international reserves, which naturally has had some price consequences but did not signify the adoption of a target level for the exchange rate.