Advertise with fastmoving.co.za
 
 

SA’s gross reserves amounted to $50.7bn in December, an 0.84% increase from November’s $50.3bn, the South African Reserve Bank reported on Monday morning.
SA’s gross reserves amounted to $50.7bn in December, an 0.84% increase from November’s $50.3bn, the South African Reserve Bank reported on Monday morning.

SA’s reserves show slight increase in December

ECONOMIC NEWS

By Robert Laing - Jan 9th, 08:33

SA’s gross reserves amounted to $50.7bn in December, an 0.84% increase from November’s $50.3bn, the South African Reserve Bank reported on Monday morning.
 

According to Trading Economics, the economists’ consensus was that gross reserves would decline to $48.8bn, although the actual figure came in under its forecast of $51.1bn.

Gross reserves in SA "averaged $28.9bn from 1998 until 2017, reaching an all-time high of $51.9bn in February of 2012 and a record low of $5.3bn in September of 1998", Trading economics said.

The Reserve Bank defines gross reserves as foreign exchange reserves including foreign currency deposits received, gold reserves, and special drawing rights (SDR) held.

Foreign exchange reserves make up 85% of SA’s gross reserves and grew 0.81% to $43bn.

Gold made up 10% of December’s gross reserves, growing 1.26% to $5.2bn.

SDRs made up 5% of the total, growing 0.63% to $2.5bn.

"The increase of $425m in the gross reserves reflects the matured foreign exchange swaps conducted for liquidity management, the depreciation of the US dollar against most currencies and the increase in the US dollar gold price. These factors were partially offset by foreign exchange payments made on behalf of the government," the Reserve Bank said in Monday’s statement.

SA’s international liquidity position came to $42.9bn. This figure was arrived by deducting $9bn in foreign currency withdrawals and adding $1.2bn for the Bank’s "forward position".

"The increase of $238m in the international liquidity position reflects the increase in the gross reserves and the change in the foreign currency deposits received, which was substantially offset by the decline in the forward position," the Reserve Bank said.

© BusinessLIVE MMXVII 

Read more about: sa reserve bank | sa economy

Related News

Farm and factory gate inflation slows slightly
14/12/2018 - 09:00
Falling fruit and vegetable prices helped slow producer inflation in November.

Annual manufacturing growth in October beats expectations
11/12/2018 - 20:21
Production from SA’s factories was boosted considerably in October compared with the same month in 2017, Statistics SA reported.

Retail sector showing signs of revival
10/12/2018 - 11:49
A study by the Bureau of Economic Research (BER) has shown that the retail sector showed signs of a revival in the last three months of the year after the sector ran into trouble in the third quarter of the year.

Business confidence remains flat
06/12/2018 - 13:28
Business confidence remained flat in November.

SA grocery retailers hoping for a merry festive season
06/12/2018 - 08:18
Grocery retailers have had a tough year, and like other retailers are hoping to see a boost in sales over the festive season.