3 For details, see the Prudential Authority’s ‘Press release on regulatory relief measures and guidance to the banking sector in response to COVID-19, published on 6 April 2020, available at https://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/9842/Prudential%20Auth ority%20Media%20Release%20%20Regulatory%20relief%20and%20guidance%20to%20the%20banking%20sector.pdf. 4 The Bank for International Settlements (BIS) gives data for bond purchases by seven emerging markets.
Of these countries, four have purchased bonds worth 0.2% of GDP or less, Thailand is at 0.6% of GDP, Colombia at 0.8% of GDP and Chile at 2.8% of GDP (in Chile, the policy rate is now at its ‘technical minimum’, according to MPC minutes). The SARB’s purchases to date, as of the latest published data, are at 0.6% of GDP.