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SA reserves up to US$47.311bn

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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