During March 2020, the South African Reserve Bank (SARB) introduced a number of amendments to its money market liquidity management strategy. The SARB replaced the discretional end of day Supplementary Repurchase Operations, with Intraday Overnight Supplementary Repurchase Operations (IOSROs). The IOSROs are offered on a daily basis at 13:00, except on Wednesdays, to provide intraday liquidity support to clearing banks. IOSROs are carried out through a fixed-rate auction with a pro-rata allotment, with an interest rate that is equal to the repurchase (repo) rate.