update, copies of which are both available here tonight as well as on the sarb website3. conclusion allow me now to conclude by saying that we have come through another busy and challenging year, characterised by high levels of volatility and uncertainly in our markets. the collaboration between the sarb and financial market participants continued in a constructive atmosphere and ensured the orderly functioning of our markets in the wake of these challenges. our collaboration extends to many of you being our partners in our monetary policy implementation activities, government debt operations, sharing of market information and analyses, as well as participation in various market forums. we look forward to our continued cooperation so as to enhance the effectiveness, integrity and resilience of our financial markets. let me take this opportunity to thank our financial markets team, under the leadership of mr leon myburgh, for their hard work and dedication to the work of the bank during the past year. many projects had to be managed simultaneously while keeping the day - to - day operations running smoothly. i should also mention that mr callie hugo will be going on retirement later this year, and that this will be his last attendance of the annual cocktail function in his current capacity. 2 http : / / w w w. resbank. co. za / markets / south _ african _ foreign _ exchange _ committee / pages / announcements. aspx http : / / w w w. resbank. co. za / pages / default. aspx page 7 of 8 i believe that i can speak for all of us in conveying our gratitude to callie for the great work he has done over many years in contributing to the development of our financial markets, and being one of the key links between the sarb and financial market participants. even if somewhat pre - mature, because you are still around and have some work to do, we wish you all the best for the future, callie. last but not least, a very special thank you must also go to ms sharlay madalane, from the sarb protocol section for her assistance in organising this event. ladies and gentlemen, please enjoy the rest of the evening. thank you. page 8 of 8

daniel mminele : the current state of payment system integration remarks by mr daniel mminele, deputy governor of the south african reserve bank, at the southern african development community ( sadc ) payment system integration workshop, centurion, 22 march 2011. * * * good morning ladies and gentlemen. it is a pleasure to be with you once again, and an honour to have been asked to make a few remarks at the opening of the sadc payment system integration workshop. it is only little more than a year since we launched the project to integrate the region ’ s payment systems. if we cast our minds back, at that time we were all reasonably constructive about where the world was going. most parts of the world had just emerged from a severe recession, the global economy had been successfully pulled away from the brink, and economic indicators were generally pointing the right way, albeit with some risks that we could identify. we had subsequently seen very encouraging growth rates during the first quarter of 2010. all this, however, started to change during the second quarter, when the european sovereign debt crisis presented new challenges, which are still with us today, and in the process exposed how fragile the banking and financial systems still were after the crisis, and delivering the very sobering message that the road to a strong and sustainable global recovery was going to be a rather slow one, and would be uneven across countries and regions. more recently, we have witnessed a series of natural disasters, and geopolitical risks increasing, the full impact of which on the global economy remains uncertain at this stage. and of late in some parts of the world inflation concerns are coming to the fore again, requiring delicate balancing acts on the part of policy makers to ensure that inflation expectations remain anchored while avoiding any undue damage to recovery prospects. as we will be starting our monetary policy committee meeting later today, i will certainly not comment on the south african situation, but refer you to the statement that we will issue on thursday afternoon. we have many lessons to learn from the crisis, while the crisis has also left many questions unanswered. these challenging and uncertain times that we are experiencing will in some way or another also have a bearing on the sadc payment system integration project. two areas specifically spring to mind : the one being the evolving agenda and package of measures to address the root causes of the global banking crisis, the other being the events in europe, where certain euro zone member countries had to be rescued by others together with