Money market rates over the past quarter have been dominated by rand weakness; Eskom power cuts and potential electricity price increases. Sharp rand weakness leads to rising inflation expectations and untimely rising interest rates. The rand has weakened, from the quarter's low in January to its high in March, by more than 20% relative to South Africa's main trading partners. In addition to rand weakness, Eskom is requesting price increases of 56% (2008), 50% (2009) and 50% (2010) that could ultimately place South African inflation outside the Reserve Banks target for the next two years. It appears that the price increases are unavoidable as Eskom's credit rating is at risk should these price increases not go through. Eskom is set to become the biggest issuer of bond's over the coming years (bigger than the SA government) and without its current credit rating, funding of its infrastructure plans will almost become impossible. In consideration of the above factors trading of money market instruments was done very selectively over March resulting in the money market fund only reaching its maximum maturity limit in April 2008. The current money market annual effective yield (class B1) is just over 11.56%.