March 25, 2020 / 6:49 AM / 5 days ago

South Africa's central bank begins bond buying programme to ease liquidity crunch

JOHANNESBURG, March 25 (Reuters) - South Africa’s Reserve Bank (SARB) on Wednesday said it would begin buying an unspecified amount of government bonds as part of additional emergency policy measures aimed at easing a severe liquidity crunch triggered by the coronavirus.

“The SARB will commence a programme of purchasing government securities in the secondary market. The purchases will be conducted across the yield curve,” the bank said in a statement.

“In addition to providing liquidity and promoting the smooth functioning of domestic financial markets, this will allow the SARB to enhance its Monetary Policy Portfolio (MPP).” (Reporting by Mfuneko Toyana; Editing by Himani Sarkar)

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