On Friday, the SA Reserve Bank took steps to increase liquidity — the amount of cash available in the money market — by increasing the number of daily auctions for banks and penalising them for returning cash at the end of the day.

The measures arose out of concern that stresses have emerged in various parts of the financial system as the Covid-19 crisis begins to push the cost of lending up and there are signs that companies are increasing the cash on their balance sheets...

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