Fin24

SA net reserves fall to $48.626bn

2012-11-07 11:45

Johannesburg - The South African Reserve Bank’s (Sarb’s) dollar-denominated holdings of gold and foreign assets fell by $301m to $50.678bn in October‚ from $50.979bn in September‚ data released by the bank on Wednesday showed.

Foreign exchange reserves were down $80m to $41.007bn from $41.087bn‚ while gold reserves shed $218m to $6.920bn from $7.138bn.

The international liquidity position also declined by $122m to $48.626bn from $48.748bn in September.

At the end of October 2012‚ the gross gold and foreign exchange reserves and the international liquidity position (ILP) decreased by $301m and $122m to $50.7bn and $48.6bn‚ respectively.

The Reserve Bank noted that the decrease in the gross reserves was primarily due to the decline in the US dollar gold price as well as foreign payments on behalf of the government.

The decrease in the ILP was due to the decline in the gross reserves which was off-set by a reduction in the foreign currency deposits received‚ the Sarb reported.

Comments
  • denis.dendrinos - 2012-11-07 12:24

    Careful now - Cosatu will want that re-distributed because they don;t understand the need for a reserve!

  • peter.hall.3956 - 2012-11-07 13:11

    eToll repayments!

  • michael.bushes.5 - 2012-11-28 18:04

    Lets hope Malema read this because these reserves would be affected dramatically should their bizarre ideas and policies come to fruition

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