South Africa is a parliamentary republic, located in Southern Africa. Executive president is elected by Parliament, which consists of two houses: 400-seat National Assembly (the lower house) and 90-seat National Council of Provinces (the upper house). The cabinet is appointed by the president. South Africa world's largest producer of platinum, gold and chromium. Its economy is the 31st largest in the world (by GDP PPP), but is ranked only 115th by GDP per capita. Around 44% of South Africa’s merchandise exports are directed to just four markets (European Union, China, United States and Botswana). Total external trade volume is 31% of GDP. The central bank, South African Reserve Bank (SARB), pursues an inflation-targeting approach to monetary policy and maintains a floating exchange rate regime. The national currency, rand, is to some extent correlated with the prices for key export commodities – particularly, platinum. High levels of unemployment and rural poverty, vulnerability to commodity price fluctuations and current and fiscal account deficits are usually named among key weaknesses of South Africa’s economy.