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Net reserves boost in July

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JOHANNESBURG – South Africa’s net gold and foreign currency reserves rose 0.2% month-on-month to $40.901 billion in July from $40.826 billion in June, Reserve Bank data showed on Monday.

Gross reserves fell 0.5% to $46.157 billion from $46.366 billion, the central bank said.

The forward position, which represents the central bank’s unsettled or swap transactions, edged approximately $1.723 billion from $1.616 billion.

In an email, Nedbank’s Economic Unit said: “The decline in gross reserves mainly reflected a clear drop in forex reserves, which offset a modest improvement in gold reserves within the month.

“The quantity of reserves most likely to switch significantly for a while as the Reserve Bank’s chance to accumulate are going to be restricted by high market volatility and unfavourable growth prospects.”

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