The South African Reserve Bank (SARB) continuously reviews the appropriateness and effectiveness of its open market operations (OMOs) and makes amendments where necessary.
The SARB introduced a number of amendments to its money market liquidity management strategy in March 2020, including the introduction of Long-term Repurchase Operations (LTRO).
The three-month LTRO have been offered at a rate of repo plus 30 basis points, in varying amounts.
As liquidity conditions have normalised, the SARB has decided to remove the LTRO until further notice. Accordingly, as from Wednesday, 9 December 2020, the SARB will no longer conduct LTRO.
The Supplementary Repurchase operations offered at 13:00 on a daily basis, except for Wednesdays, will continue.
The SARB will continuously assess the effectiveness of its operations, and will make amendments to its operations if deemed necessary.