Finally, banks began to increase their usage of both primary credit and the TAF, perhaps due to lower spreads, longer terms, and reduced stigma, but no doubt in large part because market funding had become much less available.
•  Furthermore, the policy stimuli which have bolstered growth since the crisis now need to be slowly withdrawn. Responsible fiscal and monetary policies in the pre-crisis period left South Africa with considerable policy space to run fiscal deficits and enjoy record-low interest rates.