South Africa Forex Reserves Rise to New Peak

Gross foreign exchange reserves in South Africa dropped slightly to $75.43 billion in September 2026 from a three-month high of $75.95 billion in the previous month. The decline was mainly driven by a lower US dollar gold price, foreign exchange and asset price valuation adjustments, and foreign exchange payments made on behalf of the government. Gold reserves decreased to $16.90 billion from $18.00 billion, while SDR holdings also moderated to $6.67 billion from $6.70 billion. On the other hand, the forward position, which represents the central bank’s unsettled forward swaps, rose to $0.587 billion from $0.565 billion. Foreign exchange reserves also increased to $51.87 billion from $51.26 billion in August.

Gross foreign exchange reserves in South Africa rose to $75.95 billion in August 2026 from $73.45 billion in the previous month. It marked the largest amount since May, primarily due to an increase in the US dollar gold price, the maturity of forward exchange contracts conducted for liquidity management purposes, and valuation adjustments stemming from movements in foreign exchange and asset prices. These gains were partly offset by foreign exchange payments made on behalf of the government. Gold reserves increased to $17.995 billion from $16.375 billion in July, foreign exchange reserves rose to $51.264 billion from $50.406 billion, and SDR holdings edged up to $6.695 billion from $6.67 billion. Meanwhile, the forward position, which represents the central bank’s unsettled forward and swap transactions, declined to $0.565 billion from $1.185 billion.

Gross foreign exchange reserves in South Africa fell to USD 73.45 billion in July 2026 from USD 74.11 billion in the previous month, marking the lowest level since November last year. The decline was mainly driven by lower foreign currency reserves, which fell to USD 50.41 billion from USD 51.22 billion. In contrast, gold reserves increased to USD 16.38 billion from USD 16.26 billion, while SDR holdings rose to USD 6.67 billion from USD 6.63 billion. The forward position increased to USD 1.19 billion from USD 0.59 billion, while foreign currency deposits received by the central bank declined to USD 2.88 billion from USD 3.36 billion. The South African Reserve Bank said the changes reflected a USD 150 million foreign loan from the OPEC Fund, higher US dollar gold prices and valuation adjustments, partly offset by government foreign exchange payments, including repayment of a USD 574 million foreign loan.