Deposits of banks at the Bank in terms of the minimum statutory cash reserve requirement (2,5 per cent of liabilities, as adjusted) amounted to R28,7 billion for the June/July maintenance period. As at the end of June 2006, total outstanding debentures on issue by the Bank and longer-term reverse repurchase transactions amounted to R5,4 billion and R2,0 billion, respectively.
The deposits of the Corporation for Public Deposits with the Bank, which amounted to R11,1 billion at the same date, also contributed to the draining of excess liquidity. Notes and coin in circulation also had a contractionary impact on liquidity, increasing from R49,0 billion on 30 June 2005 to R53,9 billion a year later.