A third important factor that will shape the outlook is how price- and wage-setting behaviour responds to this period of higher inflation. To date, wage outcomes have been consistent with inflation returning to target, provided there is some pick-up in productivity growth – an issue I will return to later.
Currently, they increased to 2.86 billion dollars for 5 months of import cover. We accumulated around 191 million dollars. We are well on the way of reconstituting our reserves towards the targeted level of 6 months import cover. And we are doing it in a planned and orderly manner.