Reference is made to our press release of 03 June 2004, which announced the project relating to the review of the Reserve Bank’s operations in the domestic money market and assessing the functioning of the money market in general.Since launching the project, the Reserve Bank has completed a market survey and held a series of discussions with participants in the domestic money market. Following the analysis of the survey results and interactions with market participants, the Reserve Bank is now in position to issue a consultative paper in order to solicit wider comment and input from the market prior to announcing any changes to the current refinancing procedures.The Reserve Bank today also launched a Money Market Liaison Group (MMLG) chaired by Deputy Governor Ian Plenderleith and comprising key participants in the money market. The MMLG will meet regularly to review any new developments in the money markets and discuss, on an ongoing basis, any future changes that may be required to enhance the effectiveness and efficiency of the South African money market.The consultative paper has been posted on the Reserve Bank website,www.reservebank.co.za, and interested parties are welcome to return their comments and views on the contents of the consultative paper by 31 January 2005, to: The HeadFinancial Markets DepartmentSouth African Reserve BankP.O. Box 427PRETORIA0001 For enquiries: Daniel MmineleHead: Financial Markets DepartmentTel: 012 313-3740E-mail:daniel.mminele@resbank.co.za​​