South Africa’s gross reserves grew unexpectedly in June from a month ago, South African Reserve Bank reported Thursday.
Gross reserves rose to $46.36 billion in June from $46.08 billion in May. Meanwhile, it was expected to fall to $45.92 billion.
The growth in the gross reserves was mainly due to the increase in the dollar gold price.
Gold reserves totaled $5.3 billion in June, up from $4.87 billion in the preceding month. At the same time, special drawing rights holdings broadly stable at $2.5 billion.
International liquidity position climbed slightly to $40.82 billion in June from $40.48 billion in the previous month.
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