Rates increased across the money market yield curve in September with one year rates increasing the most (41 bps) and three month rates increasing the least (7bps). The market is anticipating the Reserve Bank's Monetary Policy Committee increasing the repo rate at its October meeting. The majority of the Fund's assets are invested in deposits and instruments of less than three months term.

Short term interest rates increased by between 0.25% and 0.40% in July in anticipation of an interest rate hike by the Reserve Bank's Monetary Policy Committee at its August meeting. The market is pricing in further rate hikes. The majority of the Fund's assets are invested in deposits and instruments of less than three months term.

As expected, the Reserve Bank's Monetary Policy Committee increased the repo rate by 0.5% to 8.0% at its August meeting. Money market rates increased before and after the announcement. The majority of the Fund's assets are invested in deposits and instruments of less than three months term.

The Monetary Policy Committee of the Reserve Bank increased the repo rate by 0.5% in a largely unexpected move at its June meeting. Three and six month rates increased by 0.5% while 12 month rates increased by 0.9% over June. The market is pricing in further rate hikes. The majority of the Fund's assets are invested in deposits and instruments of less than three months term.

Money market rates remained largely unchanged over March. The majority of the Fund's assets are invested in deposits and instruments of less than three months term.

Money market rates continued the decline which started last month with three month rates falling 11 basis points and twelve month rates falling 25 basis points. The market is forecasting a negligible rise in rates next year. The majority of the Fund's assets are invested in deposits and instruments of less than three months term.