It is indeed always an honour to attend a function at one of the oldest clubs in South Africa, and even more so because of the role that it played in the history of our country. I appreciate having the opportunity to talk to your Institute on this occasion because of your role in the development of our economy.
As a topic for discussion I thought it may be useful to briefly look at recent economic developments in the world and in South Africa and conclude my address with a few remarks on monetary policy and exchange rates. 2.