For South Africa, the policy adjustment in response to the Asian, Argentinian and Russian crises of 1998–2001 marked a clear break from the past. We effectively gave up on the idea that a good way to support the economy was to closely manage the currency in an effort to hit multiple goals.
The Bank’s seminar a few years ago on reverse mortgages was an attempt to introduce this concept to a wider cross section of interested parties. We are now actively looking to see how we can develop a secondary mortgage market. The legislation is in process for its establishment.