Allow me to touch on a few other salient points of South Africa's economy. As you well know, we conduct monetary policy within an inflation-targeting framework. This forms the basis for all our monetary-policy decisions. Inflation has remained within the target range of 3 to 6 percent for some 21 months now.
The latest CPIX figures for May showed a year-on-year growth of 3.9 percent. The inflation-targeting framework has served us well and has enabled us to firmly anchor inflation expectations. The overriding and primary objective of monetary policy remains maintaining inflation within the target band, so as to provide a stable platform for sustainable economic growth.