South Africa’s gold, forex reserves rise

January 09, 2009

Commodity Online
PRETORIA : South Africa’s central bank on Thursday said country’s gold and foreign exchange reserves rose 2,7% last month, boosted mainly by the effect of higher gold prices and weakness in the dollar.

Gross reserves rose by $883bn, or 2,7%, to $34,1bn after edging up 0,9% in November, following the steepest plunge in decades during October. Net reserves, which exclude foreign loans and are also known as its international liquidity position, climbed about the same amount to $33,5bn, the Reserve Bank said.

South Africa’s reserves have climbed about 30% in the past couple of years, in a trend that supports its ability to pay debt and helps shield the economy from global shocks.

But they are low compared with other emerging markets such as Turkey, with $70bn, and Nigeria, with $62bn.

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