The case of South Africa  The administration of exchange controls is a function delegated to the South African Reserve Bank by the Minister of Finance. South Africa has progressively liberalised its exchange control framework since 1994, removing all restrictions on the capital flows of nonresidents. These initiatives were undertaken with the explicit objective of attracting investment into South Africa.
We would primarily look to ongoing adjustments in the federal funds rate to calibrate the stance of monetary policy as economic conditions evolve. Once balance sheet normalization is under way, I will be looking closely at the evolution of inflation before making a determination about further adjustments to the federal funds rate.