Policy Bulletin 05: The impact of global FX liquidity on the rand

1 July 2021
Publication Type: Policy Bulletin
JEL Code: E31, E37, E53

The Covid crisis saw significant declines in market liquidity and calls for central banks to step in. Most research into foreign exchange (FX) liquidity does not consider a large cross-section of emerging market currency pairs or include the rand (ZAR) in its analysis, so this note sheds light on the intra-day behaviour of foreign currency rates and FX market liquidity for 20 of the most traded currency pairs.

Series title: Policy Bulletin 05
1 July 2021
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