2  BIS central bankers’ speeches  Lower oil prices have had some direct positive impacts on the South African economy through reductions in the oil import bill. While overall net positive, there are also negatives to the decline in the oil price.
We must monitor events closely as they unfold, and be ready to respond flexibly. I am optimistic that central banks can adapt to changing economic conditions, as they have done so over many years. The changing role of the IMF Structural changes are not confined to the real economy. The forces of globalization are influencing the international monetary system as well.