as its nominal anchor for monetary policy in february 2000. the target is to keep cpix inflation ( that is, headline inflation excluding mortgage interest costs ) within a range of 3 to 6 per cent. this policy has served the interests not only of south africa, but also of its cma partners, as is evidenced by the fact that the south african rate of inflation used for targeting purposes has remained inside the target range since september 2003. the cma partner countries have also reaped similar benefits ; for example, the inflation rate in namibia has declined from 9, 3 per cent in 2000 to 2, 3 per cent in 2005. i will say a bit more about south africa's monetary policy later on. lastly, the possibility of establishing a central bank for the cma countries is raised from time to time. a study was conducted in 2005 under the auspices of the ccbg outlining the costs and benefits of the creation of a common central bank for the cma countries. however, decisions in this regard will be taken by the political leaders of the cma countries, rather than by central bankers. this is probably a matter of particular importance for our younger audience, as they might perhaps find employment at this institution one day. exchange controls and related tax amnesty in view of the high degree of regional co - operation discussed above, it is necessary to make mention of the successful exchange controls and related tax amnesty of south africa. this amnesty was announced by the south african minister of finance, trevor manuel, in february 2003. the amnesty was announced against the background of an extensive system of exchange controls that have been in place in south africa for a considerable period of time. since democratic elections in south africa in 1994, considerable progress has been made with the gradual liberalisation of controls. measures included the abolition of the financial rand and the introduction of liberal foreign investment allowances for south african companies. this was particularly the case for investment in africa. in addition, the foreign investment allowances for south african individuals have been increased over time to the current level of r2 million per individual. the announcement of the amnesty was a next step in the gradual relaxation of exchange controls. the amnesty had as its four goals the broadening of the domestic tax base ; provision of an opportunity to south africans to regularise their affairs without fear of prosecution ; provision of updated information to the south african reserve bank and the south african revenue service ; and facilitation of repatriation of foreign assets to south africa without

that growth prospects will be significantly undermined. our focus, however, remains on the inflation target, and we will continue to strive to maintain cpix inflation within the 3 - to - 6 per cent target range. conclusion the nsx scholar investment challenge is similar to the competition introduced 34 years ago by the jse for south africa schools. the competition is a major success in south africa, and it seems to me that the same can be said about the namibian competition. this competition teaches participants the fundamentals of investment strategies and financial markets and encourages them to develop an interest in the trading of shares on the nsx. i trust that participation in this competition has introduced new possible career choices to the participants. the teachers accompanying the participants also deserve special recognition. your care and commitment has laid an important foundation in the lives of the finalists. likewise, the sponsors of the competition have made it possible for the finalists to be here today and they have also assisted in broadening the intellectual horizon of the participants in the competition. we trust that the knowledge gained about financial markets will spur many of them to greater heights in the corporate world in the future. naturally, only one team can win this competition, but i must stress that all participants attending tonight should really be regarded as winners. to make it to one of the top five positions in this competition is a major accomplishment. my best wishes accompany all of you in your careers ahead of you, as you have already shown your dedication to the achievement of your goals. thank you.