Page 172 - SARB: 100-Year Journey
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“From 2009 until November 2013, interest rates were reduced by 500 basis points. The budget moved from a surplus of 0.8%
of GDP to a deficit of 6.8% of GDP. We didn’t have to deploy our financial buffers. We simply stopped buying more reserves because we didn’t have to intervene in the foreign exchange market.”
Lesetja Kganyago Governor of the SARB
