{"id":54146,"date":"2023-09-28T11:17:16","date_gmt":"2023-09-28T11:17:16","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/sas-money-base-rockets-in-just-months-thanks-to-new-simpler-system-reserve-bank"},"modified":"2023-09-28T12:41:56","modified_gmt":"2023-09-28T12:41:56","slug":"sas-money-base-rockets-in-just-months-thanks-to-new-simpler-system-reserve-bank","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/sas-money-base-rockets-in-just-months-thanks-to-new-simpler-system-reserve-bank","title":{"rendered":"SA’s money base rockets in just months thanks to new, simpler system – Reserve Bank"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa\u2019s central bank said its shift to a simpler monetary policy implementation framework has led to a surge in the country\u2019s monetary base.<\/p>\n

The new system introduced in June last year enables commercial lenders to hold and earn interest on excess reserves and prevents them from hoarding liquidity.<\/p>\n

The central bank\u2019s Quarterly Bulletin released on Thursday showed that the monetary base jumped to R392 billion rand in August from R310 billion in May 2022. The monetary base comprises banknotes and coin in circulation, private banks\u2019 holdings of required cash reserves, any excess reserves, plus other deposits.<\/p>\n

The biggest driver of the increase was from bank deposits at the central bank.<\/p>\n

The contribution of bank deposits increased to 57.6% of the monetary base in August from 44.4% in December 2021 while notes and coins in circulation outside the central bank decreased to 42.4% from 44.4%, according to the bulletin.<\/p>\n

Read More: South Africa Central Bank Lauds Success of New Surplus System<\/p>\n

\u201cAn increase in the monetary base supports an increase in banks\u2019 assets through credit extension and the acquisition of high-quality liquid assets while also supporting an increase in banks\u2019 liabilities, as banknotes and coin in circulation outside of the monetary sector are part of the broad money supply,\u201d the central bank said.<\/p>\n

The central bank switched to the new framework to help improve the transmission of policy decisions, the first emerging market to do so. The technical change doesn\u2019t affect the inflation target range or interest-rate decisions.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. South Africa\u2019s central bank said its shift to a simpler monetary policy implementation framework has led to a surge in the country\u2019s monetary base. The new system introduced in June last year enables commercial lenders to hold and earn interest on excess reserves and prevents them from hoarding liquidity. The central bank\u2019s […]<\/p>\n","protected":false},"author":84,"featured_media":54145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,4777,5933,6323,5593,608,275],"class_list":["post-54146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-cash","tag-currency","tag-monetary-base","tag-monetary-policy","tag-sarb","tag-south-africa-2"],"yoast_head":"\nSA's money base rockets in just months thanks to new, simpler system - Reserve Bank - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s central bank said its shift to a simpler monetary policy implementation framework has led to a surge in t ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sas-money-base-rockets-in-just-months-thanks-to-new-simpler-system-reserve-bank\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SA's money base rockets in just months thanks to new, simpler system - 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