The total supply of bank reserves is around R220 billion, of which about R140 billion is required reserves. This is the form of money used to implement monetary policy. This R220 billion is only a fraction of the total amount of money in the economy.
If you turn to our Quarterly Bulletin, where you will find comprehensive statistics on monetary aggregates or money supply, you will see that M3 – which is a broad measure of money, including all bank deposits and money market shares – was R4.72 trillion at the end of 2022.