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09.04.202607:12:32UTC+00South Africa Forex Reserves Drop in March

South Africa’s gross foreign exchange reserves declined to $77.76 billion in March 2026, down from a record high of $81.01 billion in February. The change in both gross reserves and the international liquidity position was largely driven by a lower US dollar gold price, valuation adjustments stemming from foreign exchange and asset price movements, and foreign exchange payments made on behalf of the government.

Gold reserves decreased to $18.50 billion from $20.93 billion in the previous month, while SDR holdings slipped to $6.59 billion from $6.63 billion. Foreign exchange reserves also fell, to $52.67 billion from $53.50 billion. By contrast, the forward position—reflecting the central bank’s outstanding forward or swap transactions—rose slightly to $0.59 billion from $0.57 billion. In March 2025, total reserves had stood at $67.45 billion.

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