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SA reserves up to US$47.311bn

March 7 2011 at 12:41pm

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Cash

The South African Reserve Bank's SARB) dollar-denominated holdings of gold and foreign assets rose by US$1.840 billion to US$47.311 billion in February from $45.471 billion in January, data released by the Reserve Bank on Monday shows.

Net reserves rose $324 million to $44.775 billion.

Foreign exchange reserves were up $1.488 billion, while gold reserves rose $342 million.

Total forex reserves were reported at $44.775 billion, while gold reserves were at $5.678 billion.

The SARB reported its special drawing rights (SDRs) holdings - an interest-bearing international asset created by the IMF allocated in terms of a member's quota, which is based on its relative size in the world economy - at $2.807 billion from $2.797 billion the month before.

The forward position was $4.051 billion from $4.312 billion in January, while foreign deposits received were at -6.587 billion from -$5.332 billion previously.

The SARB said gross reserves rose mainly as a result of foreign exchange purchases by the Bank and valuation adjustments associated with the depreciation of the US dollar against major currencies.

Gold reserves increased as a result of the higher price.

The international liquidity position reflects valuation adjustments which was partially offset by maturing foreign currency forward contracts. - I-Net Bridge


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Krash, wrote

IOL Comments
01:53pm on 7 March 2011
IOL Comments

Excuse my naivety on this, but could we not use some of this money to settle at least part of the debt for the Gauteng Road Improvement costs?

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