Page 5 of 11  in South Africa’s terms of trade from the second quarter of 2016 onwards, was expected to engineer at least some economic rebound – but so far it is missing.
The important initiatives introduced included a market-related government borrowing and consequently, a phased elimination of automatic monetisation of Central Government budget deficits. This, in turn, enabled the shift from direct to indirect tools of monetary regulation - activating open market operations and the development of secondary market.