For example, in the last monetary policy statement of 2 March 2000 it was concluded that after taking cognisance of the current economic circumstances and consistent with the inflation target set by the authorities, the Monetary Policy Committee is of the opinion that the current level of the repo rate is appropriate.
In accordance with the decision taken at the previous meeting, the Reserve Bank will therefore continue to manage the banks’ daily liquidity requirement in a way that will result in a repo rate at or around 11.75%”. BIS Review 24/2000  4  6.