South African Reserve Bank - Annual Report 2005

According to the South African Reserve Bank's Annual Report 2005, the 2004/05 financial year saw the balance sheet of the Bank increase by a significant margin, mainly as a result of the accumulation of foreign reserves.

In April 2004 the National Treasury paid the third tranche of R7 billion in the form of zero coupon bonds as compensation for losses accumulated previously on the Gold and Foreign Exchange Contingency Reserve Account (GFECRA). In February 2005 a further R2,5 billion payment was

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