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South African Reserve Bank


The task of implementing monetary policy decisions is undertaken by the Bank's Financial Markets Department through a range of refinancing operations conducted with the commercial banks as counterparties and which are executed at or with a spread to the repo (policy) rate. In addition to the refinancing operations the Financial Markets Department also conducts a range of open market operations to influence the liquidity in the money market. Market operations are undertaken in both the domestic and foreign exchange markets. The latter also include foreign exchange transactions conducted to accumulate foreign reserves or foreign exchange transactions on behalf of clients.

The Financial Markets Department is furthermore responsible for the management of the official gold and foreign exchange reserves in accordance with criteria set out in the Bank's Investment Policy and Guidelines. Reserves play a key role in ensuring that the country will be able to:

·       Cover its external operational needs;
·       Service the country’s foreign exchange liabilities;
·       Cover any foreign currency net imbalances in the balance of payments; and
·       Maintain confidence in the country’s monetary and exchange rate policies.
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