S.Africa gold reserves for June period up - CNBC Africa

S.Africa gold reserves for June period up

Financial

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Foreign exchange reserves dipped to 40.5 million rand from 41.4 million rand in May. PHOTO: Getty Images

Special Drawing Rights holdings grew marginally to 2.7 million dollars for the period under review from 31 May. Foreign exchange reserves had a slight dip to 40.5 million rand from 41.4 million rand in May.

“The decrease in gross reserves mainly reflects the foreign payments on behalf of government, including the repayment of a foreign loan amounting to 1,033 million dollars. This decline was partially offset by the settlement manufacturing foreign exchange swaps, as well as valuation adjustments emanating from the depreciation of the US dollar against major currencies,” the South African Reserve Bank (SARB) said in a statement.

(READ MORE: S.Africa's May net reserves dip slightly)

Foreign currency deposits received decreased to 6.9 million dollars from 7.9 million dollars, and the forward position also decreased to 3.1 million dollars from 3.2 million dollars in May.

The international liquidity position however increased to 44.8 million dollars from 44.5 million dollars in May.

“The increase in the international liquidity position reflects the decrease in the gross revenues which was offset by declines in the foreign currency deposits received (FDR) and forward position," the SARB explained.

"The FDR declined due to government’s foreign payments, while the decline in the forward position was mainly due to the settlement of maturing swaps."

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