Balance sheet policy and money market liquidity: SARB paper
The South African Reserve Bank's (SARB) balance sheet has increased in size by nearly eight times since the introduction of the repurchase-based refinancing system in 1998, a working paper published in January by the central bank finds.
The structure of its balance sheet has also changed significantly since 2002, the central bank notes, resulting in "relatively greater reliance on non-monetary, autonomous liabilities." From 2004 onwards, net foreign assets, funded by a mix of cash and cash
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