South Africa’s Net Foreign Reserves Hits $54.844 Billion, As The Nation’s Currency Rand Appreciates Against Dollar.
South Africa’s net foreign reserves rose to $54.844 billion in January from $53.827 billion in December, the Reserve Bank said on Tuesday.
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Gross reserves also increased to $61.864 billion in January from $60.570 billion in December. The forward position, which represents the central bank’s unsettled or swap transactions, rose to $0.555 billion from $0.554 billion.
In similar news, South Africa’s rand firmed in early trade on Thursday, as investors awaited President Cyril Ramaphosa’s State of the Nation address, which could offer some solution to ease a worsening power crisis.
At 0700 GMT, the rand ZAR=D3 traded at 17.7100 against the dollar, 0.32% stronger than its previous close.
Investors are demanding some leadership, guidance and clarity on steps being taken to extricate South Africa from its electricity generation crisis.
In the latest reports, South Africa Foreign Exchange Reserves equaled 5.1 Months of Import in Dec 2022.
Its Money Supply M2 increased 230.0 USD bn YoY in Dec 2022.
South Africa Domestic Credit reached 289.9 USD bn in Dec 2022, representing an increase of 9.6 % YoY.
Also Read: South Africa Digital Only Bank Introduces Crypto Payment Gateway.
The country’s Non Performing Loans Ratio stood at 4.6 % in Nov 2022, compared with the ratio of 4.7 % in the previous month.
Household Debt of South Africa reached 40.7 % in Sep 2022, accounting for 40.7 % of the country’s Nominal GDP.
South Africa Foreign Exchange Reserves was measured at 46.5 USD bn in Dec 2022, compared with 46.1 USD bn in the previous month
South Africa Foreign Exchange Reserves: USD mn data is updated monthly, available from Jan 2001 to Dec 2022
The data reached an all-time high of 46.9 USD bn in Jul 2020 and a record low of 5.6 USD bn in Jan 2003