South Africa in the emerging market universe Let me now turn to the situation of emerging countries. In a globalised world with long value chains, factors such as energy prices and shipping costs, shortages of semiconductors or storage capacity will affect a broad set of prices in many countries. Integration in global food markets impacts local food prices.
At this point, we are still reviewing the comments received on the ANPR for amendments to Basel I. The comment period ended in midJanuary. The agencies are developing their proposals for Basel I amendments, based on comments received, and hope to have a Basel I NPR by summer.