In subsequent months, though, the combination of downside inflation surprises, continued softness in global food prices, and the stabilisation in the exchange rate led the SARB to revise downwards its inflation projections. As of the MPC meeting in May 2019, the SARB projects headline inflation to average 4.5% in 2019, 5.1% and 2020 and 4.5% in the fourth quarter of 2021.
More detail will be published about the effects of the underwriting guidelines on borrowing on the Financial System Hub that we will launch in a couple of weeks. The Hub is designed to be a place on our website where we can post our analysis of current financial system vulnerabilities and risks in a manner that is accessible to a wide audience.