Money market liquidity contracted by R1.4 billion in the second quarter of 2019, following a contraction of R8.8 billion in the previous quarter. The relatively small net decrease masked quite large transactions during the quarter. An increase in notes and coin in circulation outside the SARB contracted money market liquidity by R0.9 billion in the second quarter of 2019, which was more than offset by a decrease of R3.4 billion in banks’ required cash reserve deposits.
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