Home Business and Technology SA foreign-exchange reserves fall by $342m

SA foreign-exchange reserves fall by $342m

The SA Reserve bank said on Friday that SA’s foreign-exchange reserve had decreased by $342m between the end of May and the end of June, from $43.36bn to $43.02bn.

The bank’s gross reserves, meanwhile, which include special drawing rights and gold reserves, decreased over the same time period from $51.14bn to $50.58bn.

US Dollar

“The decrease of $564m in the gross reserves reflects the decline in the US dollar gold price, foreign exchange payments made on behalf of the government and the appreciation of the US dollar against most currencies, which was partially offset by the matured foreign exchange swaps conducted for liquidity management purposes,” said the central bank in its report.

The dollar gold price per ounce decreased by 3.9% to $1 250.67 at the end of June, from $1 301.49 at the end of May.

However the per ounce gold price increased in rand terms from R16 368 at the end of May to R17 219 at the end of June, due to the local currency weakening against the greenback.

Source – News24

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