This exceptionally high growth was registered as a result of the fact that private business enterprises stepped up fixed capital outlays and the South African Airways purchased several aircraft. Growth in real private consumption expenditure rose from an annualised rate of 4 percent in the fourth quarter of 2003 to 5 percent in the first quarter of 2004.
We will continue to monitor carefully all developments that could affect our assessment of risks to price stability over the medium term. With regard to exchange rates, we again particularly stress stability and remain concerned about excessive exchange rate moves. Let me now explain our decision in more detail.