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SARB reserves rose by US$311m in June

The South African Reserve Bank's (SARB's) dollar-denominated holdings of gold and foreign assets rose by US$311m to US$49.218bn in June‚ from US$48.907bn in May‚ data released by the Reserve Bank on Friday show.

Foreign exchange reserves were up $209m to $40.135bn from $39.926bn‚ while gold reserves gained $103m to $6.382bn from $6.278bn.

File photo. Credit: www.freeimages.co.uk

The international liquidity position rose by $263m to $47.936bn from $47.672bn in May.

At the end of June 2012‚ the gross gold and foreign exchange reserves and the international liquidity position (ILP) increased by $311m and $263m to $49.2bn and $47.9bn‚ respectively.

The increase in the gross reserves was primarily due to valuation adjustments emanating from the higher US dollar gold price and the depreciation of the US 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‚ the SARB reported. -I-Net Bridge

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