Yet even for oil-importers, reduced demand for raw materials has meant that the benefits of cheaper energy imports have been offset by the general decline in commodity prices, which have decreased  2  Inflation in the euro area stands at only 0.2% y/y in both November and December 2015. 3  World Economic Outlook, IMF, October 2015.
I would most especially like to extend a special welcome to our distinguished delegates from sister central banks within the SADC region. I would also like to recognize representatives of hardware and software suppliers who are amongst us this morning.