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South Africa: Financial Sector Assessment Program-Technical Note on Systemic Liquidity Management

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  • International Monetary Fund

Abstract

The South African financial markets are the most developed and liquid in Africa and well developed by global standards, as well, reflecting credible and independent policy making, a diverse economy and strong financial institutions. Foreign exchange market turnover is consistently among the top 20 in the world according to the Bank for International Settlement (BIS) triennial survey. The government bond and interest rate swap yield curves go out to 20 years. The size of the domestic bond market is around 85 percent of GDP, and stock market capitalization is about 300 percent of the GDP. Supporting financial market infrastructure is broadly adequate for the size and turnover of the markets. The central bank (SARB) operates independently and at a high capacity, providing a sound footing for market functioning.

Suggested Citation

  • International Monetary Fund, 2022. "South Africa: Financial Sector Assessment Program-Technical Note on Systemic Liquidity Management," IMF Staff Country Reports 2022/183, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2022/183
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    Cited by:

    1. Khuthadzo Ramabulana & Riyad Moosa, 2022. "Disclosure of Risks and Opportunities in the Integrated Reports of South African Banks," JRFM, MDPI, vol. 15(12), pages 1-15, November.
    2. Serena Merrino & Keagile Lesame & Ilias Chondrogiannis, 2024. "Macroprudential policy and credit allocation evidence from South Africa," Working Papers 11062, South African Reserve Bank.
    3. Mathias Mandla Manguzvane & Sibusiso Blessing Ngobese, 2023. "A Component Expected Shortfall Approach to Systemic Risk: An Application in the South African Financial Industry," IJFS, MDPI, vol. 11(4), pages 1-14, December.
    4. Barbara Casu & Laura Chiaramonte & Doriana Cucinelli, 2024. "The impact of liquidity on bank lending in South Africa," Working Papers 11063, South African Reserve Bank.

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