The South African Reserve Bank's Monetary Policy Committee opted to leave interest rates unchanged again at its meeting this month. Money market rates subsequently increased, with the 12-month rate recording the largest increase of 0.34 percentage points. The majority of the Fund's assets are invested in deposits and instruments of less than three months term.

Similarly to the previous month, the three month rates remained largely unchanged and the longer money market rates increased marginally (by up to 13 basis points) in September. The majority of the Fund's assets are invested in deposits and instruments of less than three months term.

Three month rates remained largely unchanged and the longer money market rates increased marginally (by up to 15 basis points) after the Reserve Bank left rates unchanged at its meeting of 10 August. The majority of the Fund's assets are invested in deposits and instruments of less than three months term.

Money market rates increased marginally in early July. Thereafter they have remained unchanged. The Reserve Bank left rates unchanged at its meeting of 10 August. The majority of the Fund's assets are invested in deposits and instruments of less than three months term.

Money market rates changed marginally in June. Three-month rates increased by one basis point and 12-month rates fell by five basis points. The majority of the Fund's assets are invested in deposits and instruments of less than three months term.

Three-month rates remained unchanged while longer term money market rates drifted higher in May (12-month rates ended the month 10 basis points higher). The majority of the Fund's assets are invested in deposits and instruments of less than three months term.

The Monetary Policy Committee surprised the market by reducing the repo rate by 50 basis points at its meeting last month. Money market rates reacted by falling across all maturities. The market is currently pricing in unchanged rates for the rest of the year. The majority of the Fund's assets are invested in deposits and instruments of less than three months term.

Money market rates increased in March by five basis points for three month NCD's and 30 basis points for 12 month NCD's. The market is expecting the Monetary Policy Committee to leave interest rates unchanged at its meeting on 13 and 14 April. The majority of the Fund's assets are invested in deposits and instruments of less than three months term

Money market rates increased again this month ahead of the Monetary Policy Committee meeting in February. The majority of the fund's assets are invested in deposits and instruments of less than three months term.

Money market rates increased slightly this month when the Monetary Policy Committee failed to reduce the repo rate. The majority of the fund's assets are invested in deposits and instruments of less than three months term.

The longer term rates (six to 12 months) fell last month, while shorter term rates remained constant. Six month and 12-month rates fell by about 15 and 30 basis points respectively. The majority of the fund's assets are invested in deposits and instruments of less than three months term.