At the end of July 2007, the special deposit account of the National Treasury with the Bank, which was created for this purpose, totalled R54,5 billion including accrued interest. Agreement has been reached on the settlement of outstanding balances on the Gold and Foreign Exchange Contingency Reserve Account (GFECRA).
The Bank and the National Treasury have agreed that, in future, only realised profit or loss positions that have an influence on money-market liquidity would be settled on a regular basis. This arrangement should reduce the amount of funds flowing between the Bank and the National Treasury and moderate the impact on  BIS Review 103/2007  3  money-market liquidity.