SA's net reserves boosted by IMF allocation
Monday, 07 September 2009 -- Reuters
South Africa's net gold and foreign exchange reserves jumped 6.49 percent to $36.922 billion at the end of August from $34.67 billion in July, official data showed on Monday.
"The change in gold and foreign exchange reserves was mainly due to the general allocation of US$2,166 billion from the IMF, foreign exchange operations of the Bank and valuation adjustments," the Reserve Bank said in a statement.
Gross reserves stood at $37.953 billion in August from $35.747 billion, the central bank said in a statement posted on its Web site.
Net foreign currency holdings leapt $2.158 billion to $34.156 billion, while gold reserves were up by $48 million to $3.798 billion.
The IMF funds were part of global programme for a special drawing rights' (SDR) equivalent of $250 billion to help member countries deal with the world financial crisis.
"It is allocated in terms of a member's quota which is based on its relative size in the world economy. South Africa's quota is currently SDR1,868 billion."
South Africa's net gold and foreign exchange reserves jumped 6.49 percent to $36.922 billion at the end of August from $34.67 billion in July, official data showed on Monday.
"The change in gold and foreign exchange reserves was mainly due to the general allocation of US$2,166 billion from the IMF, foreign exchange operations of the Bank and valuation adjustments," the Reserve Bank said in a statement.
Gross reserves stood at $37.953 billion in August from $35.747 billion, the central bank said in a statement posted on its Web site.
Net foreign currency holdings leapt $2.158 billion to $34.156 billion, while gold reserves were up by $48 million to $3.798 billion.
The IMF funds were part of global programme for a special drawing rights' (SDR) equivalent of $250 billion to help member countries deal with the world financial crisis.
"It is allocated in terms of a member's quota which is based on its relative size in the world economy. South Africa's quota is currently SDR1,868 billion."