The Interest Rate Corridor (IRC) shall be effective as from July 19, 2017 in line with the start of the new Minimum Reserve Requirement (MRR) maintenance period.
As at the second quarter of 2014 the Reserve Money target is calculated on a quarterly average basis. For the third quarter of 2017, the quarterly average target is R3,255 million. This is surrounded by a symmetrical three per cent band whereby the upper bound of the band serves as the performance criterion (PC) or indicative target (ceiling).
