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South Africa’s central bank plans more reverse bond repurchases

South Sudan NEWS PORTAL (JUBA CITY)

South African Rand (Image Getty)

South Africa’s central bank will extend its tool kit to manage market liquidity by adding short-term, bilateral reverse repurchases of government bonds from commercial banks, it said on Friday.

The South African Reserve Bank (SARB) has taken a number of measures since March to manage market liquidity as the spread of the coronavirus crisis globally hit demand for government bonds, including the launch of a bond-buying programme.

The bank has decided to expand such operations, it said in a statement, with changes to be introduced from Aug. 3.

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“The SARB will commence conducting short-term buy-sell backs, of up to one month, with commercial banks on a bilateral basis for the purposes of managing money market liquidity,” it said, using a term for reverse repurchases.

The programme would be on an ad-hoc basis, it said, while the sum on offer would be at the SARB’s discretion.

It added that the SARB would also apply greater flexibility by allotting debentures and long-term reverse repurchases at a wider variety of rates.

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