As a result of the changes, the actual daily liquidity requirement increased markedly from a daily average of R10,3 billion in the twelve months before August 2010 to an average of R15 billion in the next twelve months, and further to an average of R16,8 billion from September 2011 to 30 April 2012.
The number of banks participating in the main repo auctions has increased from four to a total of six and at times, seven banks, with the combined bid amounts tending to be higher than the announced average weekly liquidity requirement.