##ed cyber - attacks to name but a single example. i, therefore, challenge you to take forward the many themes covered here this week and to continue to collaborate in the cooperative spirit you have shown in the past to find ways to meet the threats facing us all. your institutions, your countries, your fellow countrymen, in fact the whole world will thank you for assisting your institutions in realising their mandates in support of economic growth, keeping prices stable, achieving and maintaining financial stability and keeping unemployment levels in check. thank you for your attention, and enjoy the rest of the evening with us in this lovely setting. bis central bankers ’ speeches

, 2 per cent and is notably lower than the pre - crisis growth rates. in recent years the lower growth rates was attributable to significant supply side constraints and disruptions. the most recent electricity load shedding has become a more pronounced drag on real output and unfortunately is likely to be a binding constraint over the short to medium term. south africa ’ s current account deficit has improved slightly from 5, 8 per cent of gdp in 2013 to 5, 4 per cent in 2014. although this is often described as a vulnerability, it is somewhat mitigated by the fact that the public debt to gdp ratio is manageable at approximately 45 per cent, a fairly small percentage of the public debt is foreign denominated and lastly, the country ’ s net international investment position, ( i. e. external financial assets minus liabilities ) stood at only – r438 billion in the final quarter of 2014. bis central bankers ’ speeches the south african government released the national development plan some two years ago. this plan offers a long - term perspective on how to eliminate poverty and reduce inequality by 2030 by, inter alia, growing an inclusive economy, building capabilities, and enhancing the capacity of the state. should significant aspects of this plan be successfully implemented over the next decade or so, it will contribute positively towards lifting the potential growth rate of the economy and causing unemployment and poverty levels to drop in a meaningful way. the slow growth rate referred to above, however, has not only been impacted by domestic idiosyncratic factors only. certain exogenous factors, such as the moderation in emerging market economies growth rates, weaker external demand and lower commodity prices have certainly contributed to the more pedestrian growth outcomes. the unprecedented extent of unconventional monetary policy adopted by the advanced economies and the subsequent commencement by the us on the path towards monetary policy normalisation has led to significant spill - over effects. this is as a result of the extent of global trade and the integration of financial markets and has contributed to the high levels of volatility seen in the foreign exchange markets. the rand / dollar exchange rate has depreciated by 4, 96 per cent since the beginning of this year, but has appreciated by 7, 25 per cent against the euro and hence, on a trade weighted basis the rand had been relatively stable. the volatility in the foreign currency exchange markets is likely to persist and will be amplified should the timing of the so - called lift - off differ from market expectations