Now, taking into account the ongoing improvements in financial market conditions, we arrived at a situation where in fact not all our liquidity measures are needed to the same extent as in the past. Therefore, we announced last week some initial steps to gradually phasing out some of these measures.
2  Those who attend the Monetary Policy Forums of the South African Reserve Bank (SARB) will have heard requests, indeed demands, for such interventions at various times. BIS Review 67/2009  1  Logically, therefore, if monetary policy is to provide a stable background for the economy, it must do so by deliberately employing its powers to that end. 3.