South Africa Forex Reserves Rise to 3-Month High

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.

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.