Money-market operations To ensure that the implementation of monetary policy was in line with the stance determined by the MPC, the Bank managed the daily liquidity requirement in the money market in a range roughly between R10 billion and R15 billion. The Bank also broadened the list of securities that qualify as eligible collateral in its refinancing operations.
Second is the importance of sound macroeconomic policies. That is, sound money, sustainable government finances and sustainable external position. Third is a stable institutional environment in which contracts can be enforced and property rights can be established. In all these areas, the CIBS have made significant, albeit uneven, progress. But much more remains to be done.