There is really a very long pedigree of institutions established / catalysed by the Reserve Bank right from early 1950s.
Nevertheless, on a number of occasions over the past 18 months or so the Bank pointed to the high level of the exchange rate, noting that it had not declined in response to changes in these fundamental determinants.12 This concern can also be explained by considering changes in the exchange rate in the context of how the economy more broadly has evolved over this period.