The Financial Markets Department implements the interest rate decisions of the MPC through its Monetary Policy Implementation Framework. Since 2022 the SARB has used a surplus system to shape market rates, with the SARB providing an ample supply of bank reserves and then paying the policy rate on overnight deposits of excess reserves by banks, up to certain limits.
The Financial Markets Department is also responsible for the management of the official gold and foreign exchange reserves in accordance with criteria set out in the Bank’s Investment Policy and Guidelines. Reserves play a key role in ensuring that the country will be able to:
Monetary policy implementation framework
Reserves management and foreign exchange operations
Risk management and compliance
Committees and working groups
Gold coins purchased from the public
Market practioners group
If you have further questions about financial markets, please do not hesitate to contact us.