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South African Reserve Bank

System of accommodation 

The main reason for the operations of the South African Reserve Bank (the Bank) in the money market is to implement the Bank's interest rate policy as determined by the Monetary Policy Committee (MPC), with the aim of achieving the Bank's inflation target. In its monetary operations, the Bank endeavours to promote financial stability by managing the liquidity needs of the banking system as a whole. It also contributes to the development and efficiency of the domestic financial markets, in particular the interbank market. The Financial Markets Department uses various instruments to conduct the Bank's monetary operations.

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