Thank you to JP Morgan for the opportunity to again participate in this seminar, which takes place on the margins of the International Monetary Fund and World Bank Spring Meetings. I have been requested to give you an update on the monetary policy outlook for South Africa. Those of you who joined us last year may recall that I talked about heightened uncertainty complicating the conduct of monetary policy. If anything, the environment has become more complex for policymaking in both emerging and advanced economies, South Africa being no exception.