Daniel Mminele: Brief observations about financial market developments and key initiatives to strengthen the domestic markets

Remarks by Mr Daniel Mminele, Deputy Governor of the South African Reserve Bank, at the annual Financial Markets Department cocktail function, Johannesburg, 10 May 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Ladies and gentlemen, good evening.

It is with pleasure that I welcome you to the annual cocktail function of the Financial Markets Department (FMD) of the South African Reserve Bank (SARB), which is now in its 12th year. We are greatly honoured by your presence tonight. The deal I struck with our Financial Markets Department for moving this function from Pretoria to Johannesburg was that I would be allowed to speak for 90 minutes.

Introduction

Allow me in welcoming you to this event, to make some brief observations about financial market developments since we last met and to touch on what could be in store for us in the period ahead. I would also like to draw your attention to two of our initiatives that are gathering momentum, and which will require your cooperation over the next few months. I know that our views on domestic monetary policy are always of interest to financial market participants, but as we are on the eve of entering into the closed period for our next Monetary Policy Committee meeting, which starts on 22^nd May, I shall refrain from any comments today, and ask for your patience until you get our most recent take in about two weeks’ time.