monetary policy. yet, for monetary policy to be transmitted smoothly, it is important that non - banks can provide a stable source of finance across the financial cycle. 2 more broadly, in line with the conclusions of our recent strategy review, financial stability is a precondition for price stability and vice versa. 3 to that end, effective macroprudential policies are needed to keep financial stability risks at bay and thereby complement monetary policy in the pursuit of its price stability objective. vulnerabilities in non - bank finance and possible externalities during the market turmoil in march 2020, it became clear that parts of the non - bank financial sector were not sufficiently resilient to absorb the shocks facing them. these shocks then spilled over to other sectors of the financial system. 4 money market funds and the less liquid corporate bond funds came under stress, as they faced large redemptions at the same time as a decline in underlying market liquidity. as investors shed some of their assets and corporates scrambled for cash, there was a risk that mounting liquidity pressures would amplify market stress and lead to a wider loss of confidence. timely interventions by central banks helped to contain the stress and calm financial markets. nevertheless, there were vulnerabilities in non - bank finance that created negative externalities 1 / 3 bis central bankers'speeches during the market turmoil at the onset of the pandemic in march 2020. let me give you some examples. first, while corporate bond funds were generally able to meet increased redemptions, their response to outflows added to selling pressures and the broader demand for cash, thereby amplifying liquidity stress in financial markets. existing crisis management tools were not effective in slowing down the outflows or mitigating the impact of asset sales on underlying markets. although the shock triggered by the covid - 19 pandemic was unprecedented, concerns about liquidity mismatch in some open - ended funds had been raised long before the pandemic, including by the ecb and the esrb. 5 second, while money market funds ( mmfs ) have been an important source of liquidity in unsecured short - term markets, such funding proved unstable during the march 2020 market turmoil. 6 mmfs significantly reduced their holdings of short - term bank debt in response to outflows. this undermined the pricing and liquidity in the primary market of bank commercial paper, contributing to the rise in the euro interbank offered rate ( euribor

rashad cassim : south african reserve bank's payments study report launch speaking notes by mr rashad cassim, deputy governor of the south african reserve bank, at the south african reserve bank's payments study report launch, sandton, johannesburg, 5 september 2024. * * * good afternoon, all. thank you for joining us today as we launch the south african reserve bank's ( sarb ) inaugural payments study report. this study is one of our initiatives to better understand the payment system landscape in south africa. it supports our current strategy, vision 2025, which identified a need for the sarb to collect more payments information. in pursuing that goal, we knew we already had extensive information about the supply side of payments. we get this from operating samos, 1 the core interbank payment, real - time gross settlement system. we also receive data from other payment service providers. the payments study report we are launching today, by contrast, is about the demand side of the payment system – the users thereof and their choice of payment methods, including their preferences, level of awareness, usage, reasons for adoption and barriers to entry. the study has two parts. one is a survey of about 45 minutes that just over 3 000 people completed. we call this the survey of consumer payment choice ( scpc ). in the second part of the study, about 4 600 respondents tracked their payment behaviour and payment method usage over a three - month period, using actual payments in a set period of days. this we call the diary of consumer payment choice ( dcpc ). here people documented, among other things, their preferred payment methods, the amounts paid and what the payments were for. the two surveys were conducted nationwide between april and december last year. they were designed to complement each other. indeed, this two - survey approach has also been adopted by other central banks, for instance in australia, poland, sweden and the united states ( us ). 2 and the results make for interesting reading. i do not want to steal the thunder of our next presenter, who will be walking us through the high - level results, but i was struck by several points. for instance, even though the usage of cash is not growing any more, it remains the most popular payment method. debit card usage is second and credit cards a distant third. 1 / 3 bis - central bankers'speeches furthermore, while credit cards are mostly used by richer households, which you would expect, there