interest. to conclude, i would like to thank my colleagues at the south african mint for their expertise and their ability to rally all south africans, which is evident on the sa25 range. i would also like to express my gratitude to the young south africans who contributed ideas ; i am humbled by their understanding of the bill of rights. it reflects on both the circulation coins and the collectable coins, which i am sure will be highly appealing both to the general public and to coin collectors. the sarb takes great pride in the issuing of such commemorative coins. it is an important element of our public service role, and a unique way to pay tribute to individuals and events of national importance. i am delighted to officially present these coins to you. i now hand you over to the programme director. thank you. page 4 of 4

in the aftermath of the gfc, namely more stringent global financial regulations which are being implemented locally. with the upcoming introduction of the net stable funding ratio, the spread to jibar on 5 - year floating - rate ncds issued by commercial banks increased significantly across all maturities, in some cases more than double the levels seen around mid - 2013, as banks are forced to issue longer - term instruments. there is a general view that financial regulatory reform may have had certain unintended consequences, such as limitations on banks ’ proprietary trading reducing the ability of primary dealers to hold sizeable inventories of securities, which have contributed to less liquidity in the markets. this lower level of liquidity introduces new risks that could amplify negative spillover effects in stress situations. the foreign - exchange market, however, is probably the market that may suffer a more pronounced impact from global monetary policy normalisation. this risk was illustrated during the 2013 “ taper tantrum ” when the rand – together with the currencies of certain other emerging - market economies perceived at the time to be most vulnerable ( such as brazil, india, indonesia, and turkey ) – depreciated by more than 10 per cent against the us dollar 4. the period that followed was characterised by increased differentiation between emergingmarket economies. as such, countries that implemented appropriate macroeconomic policies, with a reasonable reform agenda to improve economic potential, have been more resilient. the popular narrative tends to focus on the rand - dollar exchange rate. given the outlook for the normalisation of monetary policy in the us, the us dollar has surprised with its appreciation since mid - 2014. the us currency has appreciated by 26 per cent on a tradeweighted basis 5 to reach us $ 1, 05 against the euro, a level that was only expected towards the end of 2015 amid actual us tightening 6. this was the largest appreciation ever in the runup to an interest - rate tightening cycle in the us. the dollar ’ s appreciation was triggered mainly by the european central bank announcing the targeted long - term refinancing operations 7 and speculating on full - scale qe, which implied increased monetary policy divergence. the outlook for the us dollar will, to a large extent, depend on two fundamental factors : the pace of widening interest - rate differentials and the performance of the us economy relative to its major trading partners. but there are also other factors which could contribute to future may to august 2013. mid -