Whereas the old system depended on a shortage of bank reserves, the new one relies on a surplus, and where once the borrowing facility was the locus of policy transmission, so now this is a deposit  4  For further details, see Box 5 of the April 2021 Monetary Policy Review, available at: https://www.resbank.co.za/content/dam/sarb/publications/monetary-policyreview/2021/MPRApr21Internet.pdf 5 This refers to the CPD deposits taken on call at the SARB, rather than being placed with the market  facility.
This meant we could stop draining liquidity, unwind those operations and let banks hold extra cash instead, on which they could earn the policy rate. The logic of this system is that abundant liquidity puts downward pressure on rates.