observed in practicing the activity, the requirements and standards necessary for the protection of consumer rights in finance bis central bankers ’ speeches services, including determining the method of calculating the annual percentage rate of financing, and clarity of procedures and criteria for early repayment. activation of the finance laws is expected to have a positive impact on developing and promoting the finance activity in the kingdom, improving the level of provided services by taking advantage of available assets and capital, in addition to finding new sources of funding to finance the activities of finance companies through the secondary market, which will be reflected positively on economic activity and create more jobs. sama has established the department of consumer protection to ensure the clients ’ rights in the sectors supervised by sama and to look into their complaints and improve the level of services of these sectors. sama will be happy to receive all complaints as it attaches great importance to protecting the rights of customers and raising the level of services provided to them. in conclusion, i welcome this distinctive elite of media journalists, and i am pleased to answer your questions. asslam alaikum wa rhmat allah wa barakatuh. bis central bankers ’ speeches

diversification and sustain investment by the private sector generally. the experience of the reserve bank and reserves management the depreciation of south africa ’ s currency has been in line with that of commodity exporters and other emerging markets, and substantial. so far this year, the rand has depreciated by 16 per cent against the us dollar. while the pass - through of such depreciation has been more muted than in previous cycles due to weak economic growth and moderate food price inflation, the reserve bank has nonetheless been closely monitoring any second - round effects from that depreciation. aware of the risk that already - high inflation expectations are moving higher and of the overall loose stance of monetary policy, the bank has raised interest rates by a cumulative 100 basis points since january 2014. the stance supports the economy while mitigating the risk of higher inflation. this represents a welcome contrast to the pre - inflation - targeting era when policy was tightened ( by 690 basis points ) and large us - dollar liabilities built up in an effort to more directly target a sharply weaker exchange rate. our approach to the currency has been qualitatively different. in agreement with national treasury, we unwound us - dollar liabilities and built a positive reserve position over time, with the objective of bolstering the national balance sheet and ex ante reducing the risk of the international monetary fund ( imf ) has recently projected that the region ’ s terms of trade will drop by about 14 per cent in 2015. bis central bankers ’ speeches financial and / or liquidity crises. our official reserves remain rather low by most metrics and by overall emerging - market standards. for african countries now facing lower commodity prices and a more challenging global financial environment, the quality of a nation ’ s external balance sheet seems of paramount importance. african central banks have slowly rebuilt reserve buffers over the last few years, but they remain relatively low by overall emerging - market standards. and as the global environment continues to worsen, policymakers need to focus more on the prudent management of external liabilities in order to maintain investor confidence. the growing role of financial stability let me now say a few words about the role of financial stability and about the growing importance of stable, healthy and well - capitalised banking systems – as my colleague, rene van wyk, will no doubt discuss in greater detail in the next session. it was partly thanks to the prudent management of banks ’ external exposure, on both the asset