Improved market conditions were behind a substantial slowdown in the purchase of government bonds by the Reserve Bank in June,  deputy governor Fundi Tshazibana told Business Day on Tuesday.

The Bank bought R5.1bn worth of government securities in June — about half what it bought the previous month — through the bond buying programme launched in March to smooth the functioning of the local market after a sell-off and dislocations in the wake of the Covid-19 outbreak and ahead of the loss of SA's last remaining investment-grade credit rating.

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