However, the trade surplus in February and March of this year improved as a result of an increase in exports with the 3-month moving average (seasonally adjusted and annualised) of the trade surplus increasing from R17,6 billion in January to R20,5 billion in February. The moderate deficit on the current account is not an immediate cause for concern.
Our forward guidance will ensure that financial conditions adjust in accordance with changes to the inflation outlook. In any case, the Governing Council continues to stand ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner, in line with its commitment to symmetry.