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

_IMF Staff Country Reports, June 17, 2022_

## Source details

**Canonical URL:** [South Africa: Financial Sector Assessment Program-Technical Note on Systemic Liquidity Management](https://www.imf.org/en/publications/cr/issues/2022/06/16/south-africa-financial-sector-assessment-program-technical-note-on-systemic-liquidity-519722)

## Other formats

- [Markdown version](/en/publications/cr/issues/2022/06/16/south-africa-financial-sector-assessment-program-technical-note-on-systemic-liquidity-519722/index.md)
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## Bibliographic details
- Published: June 17, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400214523.002

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### 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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## Content in this bundle

- **Executive Summary**
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_Source: https://www.imf.org/en/publications/cr/issues/2022/06/16/south-africa-financial-sector-assessment-program-technical-note-on-systemic-liquidity-519722_