South Africa cuts dollar buying in July

Data released by the South African Reserve Bank (SARB) Friday 5 August showed that it had lowered its dollar purchases in July.

The SARB said it added $229 million in foreign reserves in July, which represents a significant reduction from the $1, 475 billion and $1, 217 billion added in June and May respectively.

Economists were surprised by the figure after predicting a larger number for July. The acquisition of Absa, South Africa's largest retail bank, by Britain's Barclays had been seen as a

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