New monetary policy implementation framework

The SARB’s new implementation framework uses a tiered floor system to control interest rates. The framework is detailed in this paper and summarised in this media statement You can find daily data updates here (see in particular ‘Money market summary’). Time series data on liquidity operations are available here.

This paper describes the SARB’s plan for phasing in the new implementation framework. It also reviews major themes of the public consultation process.

In November 2021, the SARB published a Consultation paper and media statement on MPIF reform. The public consultation period concluded in February 2022.