South Africa Forex Reserves Hit Record High

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.

Gross foreign exchange reserves in South Africa declined to $74.115 billion in June 2026 from $76.58 billion in the previous month. This was the smallest amount since November 2025, primarily attributed to the decrease in the US dollar gold price, valuation adjustments, and foreign exchange payments made on behalf of the government. Gold reserves fell to $16.26 billion from $18.27 billion, while foreign currency reserves decreased to $51.22 billion from $51.66 billion. Meanwhile, SDR holdings were little changed at $6.633 billion, compared with $6.648 billion in May. The forward position, which represents the central bank's unsettled forward and swap transactions, also remained broadly stable at $0.585 billion, compared with $0.584 billion in the prior month.

Gross foreign exchange reserves in South Africa fell to $76.58 billion in May 2026 from $77.09 billion in the previous month, remaining at their lowest level since December 2025. The decline in gross reserves and international liquidity was mainly driven by a drop in the US dollar value of gold holdings and government-related foreign exchange outflows. Gold reserves decreased ($18.274 billion vs $18.700 billion in April), while foreign currency reserves also declined ($51.661 billion vs $51.725 billion). At the same time, the forward position, representing the central bank's unsettled forward or swap transactions, edged down to $0.584 billion from $0.586 billion in the previous month, while SDR holdings decreased by $0.016 billion to $6.648 billion from $6.664 billion.