All payment systems are envisaged to be on sound footing with adequate legal backing for operational procedures and transparency norms. Efficiency enhancements are envisaged by leveraging the benefits of technology for cost-effective solutions.
From a monetary policy perspective, our key concern is the possible impact on inflation. Food and oil prices are likely to remain an upside risk to the inflation outlook in South Africa. Monetary policy has to be sensitive to the impact of these developments on inflation expectations and we will act appropriately to prevent the emergence of more generalised inflation.