Commercial banks’ deposits at the SARB now earn interest based on the repo rate less 200 basis points, compared to the repo rate less 100 basis points previously. This measure is meant to discourage banks from depositing money at the SARB, and to encourage money market liquidity.
  Lastly, as an extra measure to add liquidity and promote the functioning of the bond market, the SARB commenced with a programme of purchasing government securities in the secondary market. More than R30 billion worth of government bonds has been bought since the commencement of the programme in March this year.