The pace of economic improvement has moderated since the outsize gains of May and June, as is evident in employment, income, and spending data. The increase in permanent job loss, as well as recent layoffs, are also notable. We should continue do what we can to manage downside risks to the outlook.
The average daily turnover against rand doubled since 2002 from USD6 billion to over USD12 billion. According to the latest BIS Triennial Survey, the rand’s share of total currency distribution in global currency markets increased from 0,5 per cent in 1998 to almost one per cent in 2004.