SA May reserves US$41.600bn vs Apr US$42.341bn

  Johannesburg, Jun 7 (I-Net Bridge) - The South African Reserve Bank’s (SARB) dollar-denominated holdings of gold and foreign assets fell by
US$740 million to $41.600 billion in May from $42.341 billion in April, data released on Monday shows.
    Net reserves fell $567 million to $37.928 billion.
    Foreign exchange reserves were down $825 million, while gold reserves added $167 million.
    Total forex reserves were reported at $34.083 billion, while gold reserves were at $4.881 billion.
    The SARB reported its special drawing rights (SDRs) holdings - an interest-bearing international asset created by the IMF allocated in terms of a member’s quota, which is based on its relative size in the world economy - at $2.636 billion from $2.719 billion the month before.
    The forward position was $32 million from $1m in April, while foreign deposits received were at -$3.354 billion from -$3.495 billion previously.
   The SARB said the decrease in gross reserves was mainly due to valuation adjustments reflecting the appreciation of the US dollar against the major currencies and the foreign exchange operations of the Bank. The negative impact of the appreciation of the US dollar on the foreign exchange reserves, was partly offset by the increase in the gold price.
 
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