MONDAY, 10.30AM:
THE Reserve Bank’s gross gold and foreign exchange reserves in July rose marginally to R22,8-billion, from June’s R22,13-billion.
Reserves were boosted during the month by proceeds of government’s $250-million yankee bond issue and R1,4-billion in new short-term credit. But the drop in the gold price and Bank efforts to ease the volatility in the currency market took their toll to keep total growth in reserves below R700-million.
The fact that reserves nonetheless rose in July is further evidence that the July 1 relaxation of exchange controls had not precipitated a huge demand for foreign currency. The Reserve Bank said private individuals had moved R144-million out of SA into foreign currency accounts during July.