As in the past, the Bank will exercise cautious discretion, will respect the underlying forces of demand and supply, and will accept the need at times for a depreciation and, in different circumstances, also for an appreciation of the rand.
For financial authorities, we welcome these gains, humbly recognizing that there will always be improvements we can pursue, while maintaining a watchful eye over changing market conditions. In thinking of where our market stands, I am reminded of Niccolo Machiavelli, the Italian philosopher and statesman to whom this quote was first attributed.