South Africa’s net foreign reserves increased to $69.36 billion in October, up from $68.95 billion in the previous month, according to figures released by the South African Reserve Bank (SARB) on Friday.
The rise reflects stronger foreign currency inflows, improved trade balances, and higher gold valuations, contributing to a more robust external position for the country. The SARB report, cited by Bloomberg, noted that gross reserves also rose modestly to $71.84 billion, supported by higher gold reserves and exchange rate adjustments.
Analysts told Reuters that the improvement in reserves strengthens South Africa’s ability to cushion its currency against volatility and external shocks. The rand, which has been under pressure due to global interest rate trends and domestic fiscal concerns, is expected to benefit from this boost in reserves.
Economists say that maintaining higher reserve levels will be critical for South Africa as it navigates a slow economic recovery and prepares for global shifts in trade and investment flows. The SARB reaffirmed its commitment to ensuring financial stability through prudent reserve management and continued market monitoring.
