March 20, 2020 / 7:19 AM / 12 days ago

South Africa cenbank announces new liquidity measures to support banks

JOHANNESBURG, March 20 (Reuters) - The South African Reserve Bank (SARB) announced of raft of emergency liquidity measures on Friday, including a lower rate for commercial banks to borrow money from the SARB, in a bid to ease the stress on banks caused by the coronavirus outbreak.

“The Standing Facilities lending rate – the rate at which the SARB provides liquidity to the commercial banks – will be adjusted lower to the repo rate, from the prevailing rate of the repo rate plus 100 basis points,” the bank said in a statement.

“This will support banks to facilitate their flow of money market liquidity without being penalised.” (Reporting by Mfuneko Toyana Editing by Alexander Winning)

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