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

IMF Staff Country Reports, June 17, 2022

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

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Bibliographic details

• Published: June 17, 2022
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400214523.002

Overview

• The South African financial markets are the most developed and liquid in Africa and well developed by global standards, reflecting credible and independent policy making, a diverse economy and strong financial institutions.
• The central bank (SARB) operates independently and at a high capacity, providing a sound footing for market functioning.

Market structure and depth

• 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.
• Stock market capitalization is about 300 percent of the GDP.

Market infrastructure and capacity

• Supporting financial market infrastructure is broadly adequate for the size and turnover of the markets.
• High-capacity, independent central bank (SARB) underpins market functioning and systemic liquidity management.

Subject focus and key topics covered

• Asset and liability management
• Currency swaps
• Financial crises
• Financial markets
• Foreign exchange
• International organization
• Lender of last resort
• Liquidity
• Liquidity management
• Monetary policy
• Money markets

Key document facts (from source)

• Pages: 35
• Volume: 2022
• Issue: 183
• Series: Country Report No. 2022/183
• DOI: https://doi.org/10.5089/9798400214523.002
• Stock No: 1ZAFEA2022006
• ISBN: 9798400214523
• ISSN: 1934-7685

South Africa: Financial Sector Assessment Program-Technical Note on Systemic Liquidity Management, June 17, 2022

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