is being planned, to be implemented over the next decade : and this process may well involve changes in the range of currencies used. for the time being south african rand is often used on our subcontinent, being legal tender in lesotho, namibia and swaziland. the rand circulates more widely than this by virtue of simply being convenient and appropriate to use for certain types of payment in many other countries. 11. maintaining confidence in our money is, of course, not merely a matter of having beautiful designs, good security features, and ensuring that counterfeiters end up in jail. right at the core of our monetary system is the need to protect the purchasing power of our money. the south african reserve bank is totally committed to doing so, by maintaining inflation within the target range of 3 to 6 per cent per annum. this commitment has been illustrated by our policy actions since inflation targeting was formally introduced in february 2000. that is why i say that we are a long way from needing a r500 note : inflation is under control. 12. i wish to thank the south african bank note society, the staff of the tertiary institutions involved in this competition, the adjudicators who have had great difficulty in deciding between the excellent entries received, and above all the students who participated so diligently. to all of you, please view your time and effort as an investment to maintain and strengthen the pool of expertise in our country, so as to ensure that our designers and producers of banknotes can compete successfully against the best in the world. 13. utlwa! ke qetile. thank you for your attention.

an intuitive coherence across monetary, fiscal, and macro - financial policies. this has helped to secure both price stability and financial stability through various crises. close consultations on the state of the economy across the respective policy - making bodies and a common ethos of prudence has helped to achieve this policy coherence without resorting to formal policy co - ordination. monetary policy is centred on managing the exchange rate to ensure price stability over the medium - term. it is set by the monetary authority of singapore ( mas ). foreign exchange intervention is carried out in support of the monetary policy objective of price stability and not for any macro - financial purposes. there is no explicit inflation target but the track record of keeping core inflation relatively stable and, on average, just below 2 % over the last thirty years has underpinned the mas ’ policy credibility. fiscal policy seeks to promote macroeconomic stability, sustained economic growth, and social equity while maintaining a balanced budget. it is set by the ministry of finance ( mof ). the constitution prohibits the use of public debt for government expenditure except for a narrow class of long - term infrastructure projects. macro - financial policy comprises essentially of macroprudential measures aimed at promoting a sustainable property market. these measures are co - ordinated across the mas, mof, and ministry of national development ( mnd ). the macroprudential toolkit comprises loan - to - value limits, debt servicing limits, buyers ’ and sellers ’ stamp duties, and adjustments in land supply. in the movie “ everything, everywhere, all at once ”, we are told that parallel universes exist because every life choice creates a new alternative universe. thankfully, the global economy and financial system are not as complicated as the multiverse. but the real economy and the financial economy are like parallel universes with many transmission channels across these two universes that we are only beginning to understand. achieving coherence across policies through an integrated framework is key to minimising the risk of repeated bouts of financial and economic crises feeding on each other. it is not easy but probably not as difficult as jumping across the multiverse. [ 1 ] menon ( 2014 ), “ getting in all the cracks or targeting the cracks? securing financial stability in the post - crisis era, ” speech at the 2014 asian monetary policy forum. [ 2 ] stein ( 2013 ), “ overheating in credit markets : origins, measurements, and policy responses ”, speech at the 2013