Sarb makes $60m loss due to costs of forex intervention

sarb

The South African Reserve Bank (Sarb) made a loss in the last fiscal year as the cost of buying and holding foreign reserves hit the central bank's financial position. Sarb unveiled a loss of 490 million rand ($60 million) for the year to March 31, 2012, according to its 2011/12 annual report published today (July 4).

The central bank suffered losses as it continued to build its stock of foreign exchange reserves "in an attempt to contribute to greater stability in the foreign exchange market",

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