Of course, with foreign portfolio investment into South Africa remaining fairly volatile, we are obliged to rely on more permanent inflows. Foreign portfolio investment into South Africa changed from an outflow of R1,8 billion in the fourth quarter of 2000 to an inflow of R3,5 billion in the first quarter of 2001. The acquisition of portfolio assets by South African residents, i.e.
an outflow of capital, declined from R3,1 billion to an estimated R0,2 billion over the same period. The growth in broad money supply has been on an accelerating trend since November last year. From year-on-year growth of 7,5 per cent in December, growth in money supply increased to 13,5 per cent in May.