SOUTH Africa’s combined gold and foreign exchange reserves rose to R54.7bn in September from August’s R52.1bn, according to Reserve Bank figures. Analysts had predicted combined reserves of R53.5bn, with a range of between R51.5-55.1bn. The bank’s net open foreign exchange position – a measure of its uncovered exposure to its forward foreign exchange commitments – fell to $9.6bn from $9.7bn at the end of August. Economists had forecast the forward book would amount to $9.66bn in September. The Bank said its use of foreign credit lines was R18.9bn at the end of September, up from R18.1bn at the end of August. The outstanding oversold position on the forward book was $14.6bn compared to $14.7bn at the end of August. – Reuters