Fin24

SA ups foreign exchange reserves

2011-08-10 10:51

Johannesburg - South Africa has accumulated a substantial scale of foreign exchange reserves and is concerned by the rising commodity prices and the European debt crisis, the South African Reserve Bank said on Wednesday.

The bank, briefing parliament on its economic report, also said higher export prices and a favourable trade trend have helped narrow the country’s current account deficit to about 3% of gross domestic product.