domestic fx market. the south african foreign exchange committee during the past year, we have made further progress in promoting high ethical and professional standards in support of fairness, integrity and thus the reputation of our foreign exchange market. 4 bloomberg median forecast as at 12 november 2018 page 6 of 8 following the establishment of the global foreign exchange committee ( gfxc ) in 2017, of which south africa is a member, the sarb facilitated the establishment of a stand - alone local foreign exchange committee, the south african foreign exchange committee ( safxc ). this forum consists of a wide range of key professionals involved in the domestic wholesale fx market ( including authorised dealers, the interdealer broker community, the association of savings and investment south africa, the banking association, and others ). its purpose is aligned to that of the gfxc, which is to promote a robust, fair, liquid, open and appropriately transparent fx market, in which a set of diverse participants is able to transact confidently and effectively at competitive prices that reflect available information, and in a manner that conforms to acceptable standards of behaviour. 5 the key activity in giving effect to this is providing guidance to the local fx market by endorsing and upholding the fx global code ( global code ), and encouraging adherence to it. the safxc has launched various outreach programmes aimed at creating public awareness and promoting the code to the broader fx market community. members of the safxc have been reaching out to their respective constituencies in the fx market ( and hopefully to all of you here present ), encouraging them to endorse the global code and commit to it by publishing a statement of commitment. to date, all the safxc members have endorsed the global code and have published their respective statements of commitment. by way of leading by example, since 01 september 2018 in its foreign exchange operations, the sarb only deals with counterparties, both local and offshore, that have endorsed the global code through the issuance of statements of commitment. the outreach programmes by the safxc should be viewed as a collaborative initiative by the public and the private sectors aimed at strengthening the integrity and effectiveness of the domestic wholesale fx market, and should be supported by all of us. if your institution is an active participant in the fx market but has not endorsed the global code yet, i would like to encourage you to review your fx market operation practices and align them with the principles of the global code so

house " ( % gdp ) gross saving ( % gdp ) ( rhs ) source : nbr, fngcimm, world bank dec. - 16 mar. - 16 iun. - 15 sep. - 14 mar. - 13 dec. - 13 iun. - 12 sep. - 11 dec. - 10 mar. - 10 mortgage credit ( % gdp ) iun. - 09 sep. - 08 share of outstanding ron mortgage - backed credit ( % ) share of new ron mortgage - backed credit ( % ) source : nbr, credit bureau figure 16. macroprudential measures february 2004 : dsti caps ( 30 % for consumer loans and 35 % for mortgage loans ) and ltv cap ( 75 % ) october 2006 : extending the prudential measures to nbfis august 2005 : maximum total dsti limit at 40 % august 2008 : requirements regarding the dsti caps should be set taking into account interest rate risk and fx risk january 2007 : higher risk - weight ( 100 % ) for commercial real - estate march 2007 : self - regulation regime ( banks establish dsti and ltv maximum levels in their internal norms ) december 2012 : extending the measures to nonfinancial companies lending october 2011 : ltv caps ( 60 % - 85 % ) and stress test parameters for dsti caps january 2016 : - ccob buffer of 0. 625 % - > gradual increases in equal steps until 2019 - o - sii buffer of 1 % for systemically important banks - ccyb buffer of 0 % source : nbr