2  BIS Review 95/2009  The SARB, on behalf of the National Treasury has conducted a number of special Treasury Bill auctions to the value of R8 billion over the past few months. Furthermore, government bond issuance has increased, while R58,6 billion of the R153 bond was switched with market participants.
Inventory-sales ratios rose only moderately; but relative to the levels of these ratios implied by their downtrend over the past decade, the emerging imbalances appeared considerably larger. Reflecting these growing imbalances, manufacturing purchasing managers reported last month that inventories in the hands of their customers had risen to excessively high levels. As a result, a round of inventory rebalancing appears to be in progress.