While it may appear that in the past months there has been minimal reserve accumulation, our overall reserves are reported in dollars, and the recent weakening of the euro and sterling have resulted in significant valuation changes which have, at times, dwarfed the net accumulation. The SARB has continued to build reserves as and when this has been appropriate.
The recent reduction of interest rates was seen by some as an attempt to weaken the rand. This was not a factor in our decision.