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The media briefing is broadcast live on local television channels and is streamed live on the SARB YouTube and Facebook channels. The MPC statement and broadcast are published on the website and communicated through social media channels, including Twitter, Facebook and LinkedIn.
The SARB holds various press conferences and issues a host of media statements throughout the year. Speeches, presentations and discussion notes of the Governor, Deputy Governors and senior leadership of the SARB to various public and stakeholder meetings are published on the website. The calendar provides information about the release of a host of publications, including the Monetary Policy Review, Financial Stability Review and Quarterly Bulletin, as well as the release of economic and financial data produced by the SARB.
The COVID-19 pandemic continues to spread globally, with wide-ranging and deep social and economic effects. South Africa has a strong and resilient banking system with adequate levels of capital and significant liquidity buffers to manage this stress.
The SARB, working within its mandate and using the monetary policy and regulatory tools at its disposal, is committed to limiting the impact of the crisis on South Africa’s economy. To date, we have taken the following steps:
The repo rate now stands at 3.50% per annum. It has decreased from 6.50% on 1 January 2020 to 3.50% on 23 July 2020. The repo rate remained unchanged at 3.50% in September 2020.. The reduced repo rate will make it easier for borrowers to meet their financial obligations.
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We have done so by increasing the size and duration of repo facilities and by purchasing government bonds. This will help ensure the continued smooth functioning of our financial markets.
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Businesses with an annual turnover of less than R300 million are eligible to apply for a guaranteed loan. Funds borrowed through this scheme can be used for operational expenses such as salaries, rent and lease agreements, and contracts with suppliers.
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This support takes the form of regulatory relief measures and guidance to banks in managing the crisis. The relief measures include capital relief on restructured loans that were in good standing before the COVID-19 crisis, a lower liquidity coverage ratio and lower capital requirements.
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The SARB will continue to monitor global economic and financial conditions, and work closely with government and regulatory authorities to limit the effects of this pandemic on households and businesses.
The SARB is complying with all COVID-19 directives regarding hygiene. We have therefore temporarily halted the purchase of gold coins from the public. Click here for further information.
For further information, please contact us at: media@resbank.co.za.
