South Africa Forex Reserves Hit Record High

Gross foreign exchange reserves in South Africa declined to $74.51 billion in October 2026, from $75.43 billion in September, marking a third month of decline. The decline was largely driven by a lower US dollar gold price, with gold reserves falling to $16.00 billion from US$16.90 billion. SDR holdings also decreased slightly to $6.64 billion from $6.66 billion. Meanwhile, foreign exchange reserves remained broadly stable at $51.88 billion, compared with $51.87 billion in the previous month. The forward position, representing the central bank's unsettled forward swaps, edged down to $582 million from US$587 million. Foreign currency deposits received declined to $3.55 billion from $3.76 billion. Consequently, South Africa's international liquidity position decreased to $71.55 billion in October, from $72.26 billion in September.

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.