The international liquidity position increased marginally, owing to the SARB’s decision to reduce its foreign loans. The substantial increase in reserves over recent years, reduced the need to hold significant amounts of borrowed reserves. Foreign loans declined from over USD1,0 billion in April 2008 to approximately USD650 million in March 2009.
6  LIBOR reform and the work still to be accomplished are discussed in Wheatley Review, The Wheatley Review of LIBOR, in note 1. BIS central bankers’ speeches  1  develop and adopt alternative reference rates that better reflect the current structure of U.S. financial markets, in which borrowing and derivatives transactions are much more likely to be secured with collateral.