South Africa: Financial Sector Assessment Program-Technical Note on Systemic Liquidity Management

Volume/Issue: Volume 2022 Issue 183

Publication date: June 2022

ISBN: 9798400214523

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , Money and Monetary Policy , International - Economics , IMF-World Bank Financial Sector Assessment Program , financial market liquidity , C , benchmark money market interest rates , repo market agreement , financial market development , financial market department , liaison group , Lender of last resort , Liquidity , Liquidity management , Money markets , Currency swaps , Africa , Global

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Summary

The South African financial markets are the most developed and liquid in Africa and well developed by global standards, as well, reflecting credible and independent policy making, a diverse economy and strong financial institutions. Foreign exchange market turnover is consistently among the top 20 in the world according to the Bank for International Settlement (BIS) triennial survey. The government bond and interest rate swap yield curves go out to 20 years. The size of the domestic bond market is around 85 percent of GDP, and stock market capitalization is about 300 percent of the GDP. Supporting financial market infrastructure is broadly adequate for the size and turnover of the markets. The central bank (SARB) operates independently and at a high capacity, providing a sound footing for market functioning.