Introduction
Good evening, and welcome to the South African Reserve Bank.
INSEAD is internationally recognised for excellence in business education. It is not only one of the largest business schools in the world;
INSEAD also has a strong tradition of promoting diversity, with close on 90 different nationalities being represented in each annual intake. I gather that the South African Alumni Association has 580 members who have attended both MBA and executive level courses at INSEAD. It is a pleasure to host and participate in this Dialogue with you this evening, particularly in light of the fact that many of you are in senior and executive positions in large companies and hence are important stakeholders in addressing the challenges confronting our country today.
The world has become increasingly globalised. This is clearly evident in economic indicators on capital movements and foreign direct investments, international trade, technology transfers, and the expansion of cross-border activity of multinational firms. Thus, global considerations are always on the radar screen of policymakers, especially those in small open economies like South Africa. In the case of monetary policy, factors such as oil price developments, capital flows, global inflation trends, and exchange-rate developments are some of the considerations that have a bearing on policy stance determination.
