South Africa's reserves surge in one month

New data from the South African Reserve Bank has revealed that net gold and foreign exchange reserves rose to $25.48bn in May from $24.59bn the previous month. Gross reserves were also up to $27.85bn from $27,02bn.

Analysts said that these figures implied that the central bank does not want a particularly strong currency.

It appears that much of the accumulation could have occurred in the April-May period when the rand broke through 7/dollar. In May, the governor of the central bank, Tito Mbow

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