Interestingly, the cumulative increase in the oil price has not had a large dampening effect on global demand and its inflationary effect on core prices has been contained. |
Strong revenue returns have increased chances of the scrapping of exchange controls, the further reduction of the corporate tax rate as well as further tax relief for individuals. |
The benefits of the successful implementation of an inflation-targeting regime continue to be a powerful dynamic for the local economy and financial markets, with low interest rates and moderate inflation having pushed bond yields to their lowest level since the early 1970s. |