The Reserve Bank should scale up its bond purchases to as much as R20bn a week to help reduce borrowing costs for the government as it seeks to fund emergency measures to deal with the Covid-19 crisis, according to one of the economists briefing advisers and officials in the presidency. 

That would be a major escalation in the use of the Bank’s firepower after deputy governor Fundi Tshazibana ( told Business Day on April 7 that it had bought about R1bn of government-debt securities the month before, a relatively modest number in a market valued at about R2.5-trillion. The Bank announced its programme on March 25, after identifying market dislocations that pushed bond yields to record highs. ..

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