November 30, 2020/Coronation Report

Interest rates have been falling all year and the government is running a deficit. So, is it safe to assume that the government is issuing a lot more Treasury Bills and bonds than before? Not quite. Issuance has risen, but not much, as we explain on page 2.

Meanwhile customer deposits are increasing rapidly in the banking system, generating a source of public sector money through the cash reserve requirement.

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