Reserve Bank increases bank quotas before gold reserves payout
indicated that the Treasury will restructure the account held at the central bank to free up R150 billion over three years, starting with R100 billion in the year through March 2025 to pay down government debt. Paper profits in the account, which reflects gains in the value of the central bank’s stock of gold, foreign exchange, and forwards or swaps agreements, stood at R507.3 billion in January.
Lenders will be able to gradually increase their excess cash holdings with the Reserve Bank from July 1 to August 19 for which they will be paid interest at the policy rate, SARB said in a statement on South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.
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