The participation of non-residents in the domestic financial markets is facilitated by a liquid market for foreign exchange. The average daily turnover against rand in the South African foreign exchange market is around USD10 billion, and non-residents account for around 65 per cent of these transactions.
﻿[ 9] The stock of these extra payments is high (relative to incomes) compared with historical experience. Graph 5 shows the quarterly flows into offset and redraw accounts. Over the decade or so prior to the  pandemic, these payments averaged about 2 per cent of households’ disposable income.