Forex reserves fall by $342 million

SA's foreign-exchange reserves have dropped from $43.36 billion to $43.02 billion, says the Reserve bank.

According to the SA Reserve bank, the country’s foreign-exchange reserve decreased by $342 million between the end of May and the end of June. It has fallen from $43.36 billion to $43.02 billon, the Reserve bank says.

The central bank said in its report:

“The decrease of $564 million 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.”

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