SA reserves fall to US$49.398bn

The South African Reserve Bank’s (SARB’s) dollar-denominated holdings of gold and foreign assets rose by US$180m to US$49.398bn in July‚ from US$49.218bn in June‚ data released by the bank on Tuesday showed.

Foreign exchange reserves were up $37m to $40.172bn from $40.135bn‚ while gold reserves gained $148m‚ to $6.530bn from $6.382bn.

The international liquidity position rose by $39m to $47.975bn from $47.936bn in June.

At the end of July 2012‚ the gross gold and foreign exchange reserves and the international liquidity position (ILP) increased by $180m and $39m‚ to $49.4bn and $48.0bn‚ respectively.

SARB said the change in gross reserves reflected valuation adjustments emanating from the higher US dollar gold price and the change in the value of the dollar against other major currencies.

The increase in the ILP reflected the increase in the gross reserves‚ which was partially offset by the decline in the forward position and the increase in the foreign currency deposits received‚ SARB said. - I-Net Bridge