The SARB was a proud participant in the Bank for International Settlements (BIS)-led Project Dunbar, which considered how a multi-CBDC platform could be used for international settlements. The Project Dunbar report was released two weeks ago, and I would like to strongly encourage you to read it, as it provides insightful supplementary views and information to the PK2 report.
EMEs have been cautious in their macroeconomic management, however, in consideration of the significant tail risks stemming from the euro area fiscal crisis, financial deleveraging, the high and very volatile price of oil, and other factors.