Last month South African Reserve Bank bought less foreign currency reserves than in December 2007, as one of the ways to help the rand avoid further weakening.
Spurred by the exports of now expensive commodities South African national reserves continued to grow in January, as the government tried to improve the national currencyâs position. Record high reserves in foreign currency and gold also help stabilizing the whole economical situation in the country.
Today South African Reserve Bank released a report on its monthly changes in the gold and foreign exchange reserves in January 2008.
The total gold reserves grew by almost 10% as they increased $336 million in value, which can be attributed to the significant growth of the goldâs price. Currency reserves climbed up $294 million, which is almost twice less than in previous month.
Gross reserves are now at $33.6 billion, 1.9% above $32.97 billion value reported on for December.
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