South Africa’s net foreign reserves drop to $42.227 billion, what you need to know…

While the country's net foreign reserves dropped, its gross reserves, however, rose to $50.394 billion.

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JOHANNESBURG (Reuters) – South Africa’s net foreign reserves fell to $42.227 billion in September from $42.35 billion in August, the Reserve Bank said on Friday.

Gross reserves, however, rose to $50.394 billion from $49.848 billion , the central bank data showed.

The forward position, which represents the central bank’s unsettled or swap transactions, fell to $1.41 billion in September from $2.319 billion in the previous month.

Reporting by Olivia Kumwenda-Mtambo; Editing by Joe Brock