Market development initiatives An important milestone was reached in February 2010, when South Africa’s multibillion rand money market industry officially commenced the electronic issuing, trading and settlement of securities in place of the manual paper based system. As the largest issuer of money market securities (on our own behalf and on behalf of Government), the Bank welcomed the implementation of a fully-dematerialised money market.
Such differentials in price developments represent relative price changes, which do not affect – and are not affected by – monetary policy. Given the existence of a single monetary policy in the euro area, the ECB's monetary policy can only have an impact on the price level for the euro area as a whole.