For a small and open economy like South Africa, the pass-through effects of exchange rate changes on inflation are significant and rapid. Hence, monetary policy has to take due cognisance of the fluctuations in the exchange rate of the rand insofar as their effect on the inflation forecast is concerned.
In parallel, given the specificities of Greece ' s banking system and economy, the Bank of Greece has imposed stricter measures on some banks (e.g. a CAR much higher than 8%).