Money supply increases when: the cash reserve requirement falls, the government finances its deficit from the SARB, and the repo rate increases. the cash reserve requirement falls, the government finances its deficit from the private non-bank sector, and the repo rate decreases. the SARB buys government securities, the government finances its deficit from the foreign sector, and banks reduce their holdings of excess reserves. the SARB sells government bonds, the repo rate decreases, and the government has a budget surplus