Often bad news in distant countries leads to a weakening of the rand with no regard to positive developments in the South African economy. This is certainly a problem with which we are grappling. There is no turning back on the road of exchange control liberalisation, but that does not preclude better scrutiny of the application of rules that are in existence.
In this connection, we are encouraged by the adoption of the code of Trading Principles by a dozen or so banks operating in South Africa. In particular, section 2 of the principles which says: "Foreign exchange managers have a particular responsibility in the execution of orders at volatile times.