South Africa’s Foreign Reserves Hit $61.85 Billion, Bolstering Financial Stability

South Africa's Foreign Reserves
  1. South Africa’s official reserve assets reached $61.85 billion by the end of March 2023, reflecting a strong financial position.
  2. The breakdown of the reserve assets includes foreign currency reserves, IMF reserve position, gold, and special drawing rights.
  3. The country’s robust foreign reserves play a vital role in ensuring financial stability and its ability to handle potential economic challenges.

South Africa’s official reserve assets reached an approximate market value of $61.85 billion by the end of March 2023, according to the South African Reserve Bank’s (SARB) Template on International Reserves and Foreign Currency Liquidity report. The data in the report covers the short-term foreign currency assets of SARB and the Central Government of South Africa.

The official reserves assets breakdown is as follows:

  • Foreign currency reserves (in convertible foreign currency): $47.03 billion
  • IMF reserve position: $35.94 billion
  • Gold (including gold deposits): $11.09 billion
  • Special drawing rights (SDR): $109 million
  • Other reserve assets: $0

As of the end of March 2023, the total predetermined short-term net drains on foreign currency assets stood at:

  • Central Government outflows (principal): -$2.53 billion
  • Central Government outflows (interest): -$1.38 billion
  • Inflows (principal): $0
  • Inflows (interest): $0
  • Short positions in forwards and futures in foreign currencies vis-à-vis the domestic currency: -$4 million
  • Long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency: $546 million
  • Other (specify): $27 million

Regarding the contingent short-term net drains on foreign currency assets, as of the end of March 2023, the following figures were reported:

  • Other contingent liabilities: -$615 million
  • Central Government principal: -$296 million
  • Central Government interest: -$319 million

The memorandum items section reveals the currency composition of international reserves as follows:

  • Currencies in SDR basket, including gold: $58.73 billion
  • Currencies not in SDR basket: $3.12 billion

South Africa’s foreign reserves have shown a strong position, which is essential in maintaining the stability of the country’s financial system and its ability to cope with potential economic challenges.

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