CAPE TOWN: The Reserve Bank’s holdings of gross reserves, which include gold and foreign exchange, rose by $383m to $46.829bn in June, Bank data showed on Tuesday.
The rise in gross reserves was mainly due to the depreciation of the US dollar against major currencies and maturing foreign-exchange swaps conducted for liquidity management purposes. “This was, however, partially offset by the decline in the dollar gold price,” said the Bank. The gold price fell from $1,190.19/oz in May to $1.172.06/oz in June.
Foreign exchange reserves were up $419m to $39.597bn, while gold reserves fell by $64m to $4.718bn. The international liquidity position rose by $71m to $41.590bn, reflecting the increase in gross reserves and change in the foreign currency deposits received, which were substantially offset by the decline in the forward position. Foreign currency deposits received climbed by $61m, bringing the deficit in that account to $7.537bn.
