South African reserves approach $26 billion

The South African Reserve Bank has announced that net gold and foreign exchange reserves rose last month to $25.94bn from $28.28bn at the end of May. The central bank said gross reserves were up at $28.28bn from $27.85bn the previous month, and net foreign currency holdings increased by $459m to $25.684bn.

The rand lost around 10% of its value against the dollar last year, but has rallied this year. South Africa brought its reserves deficit into balance in 2004 by getting rid of its loss-making

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