No. 9 The South African Reserve Bank’s system of accommodation
Last Modified Date:
2021-04-12, 02:26 PM
Fact Sheet > Fact Sheet
The main purpose of the money market operations conducted by the South African Reserve Bank (SARB) is to implement the interest rate policy as determined by the Monetary Policy Committee (MPC), with the aim of achieving the SARB’s inflation-targeting mandate. In its monetary operations, the SARB 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 (FMD) uses various instruments to conduct the SARB’s monetary operations.