The MAC has made important progress in the areas of monetary policy coordination and harmonization, financial markets development, harmonization of financial sector supervision, payments systems development and integration, and statistical harmonization. This is a valuable foundation on which the roadmap towards monetary union can be built. The road ahead will need to be carefully planned and implemented.
In addition to the low current account deficit, South Africa is attracting considerable funds from other countries. In 1999 the net inflow of capital in South Africa exceeded R27 billion and direct investments of non-residents came to R8.4 billion.