But at a seminar of this stature, co-hosted by our good friends at the Bank for International Settlements, I, as Governor, felt it correct to re-iterate a warm welcome. I am especially delighted that we are able to co-host this reserve management seminar as I believe that all of us can learn from each other's experiences regarding this important central-bank function.
I know you have had a long day at the seminar and, I believe, a productive one, so I shall keep my speech brief. I have chosen not to focus on reserve management in the South African Reserve Bank, as the topic was covered to some degree in the seminar this afternoon, but rather to talk to you briefly about inflation targeting.