But the currency remains an important risk factor as recent trends can quickly reverse should global risk perceptions change. Even taking near-term improvements into account, the rand has depreciated 11,7 per cent against the US dollar and, on a trade-weighted basis, by 8,6 per cent over the past year – significantly in excess of inflation differentials with our major trading partners.
You have raised concerns that helped us diagnose potential pressure points in the financial system. And your market insights have been helpful in our efforts to increase the efficiency and effectiveness of the implementation of our monetary policy. Thank you again for your participation today. 3/3  BIS central bankers' speeches