Zafar Parker on 25 years of reserve management at the Sarb
Amid evolving risk, the head of financial markets talks about the journey to excess balance transfers to the government as South Africa’s reserves rose from $20bn to $80bn
What key changes in FX management – in terms of asset accumulation, liquidity and diversification – have taken place during your 25 years working in reserve management at the South African Reserve Bank?
Just over 30 years ago, the Sarb was addressing the remnants of an oversold foreign exchange forward position, a challenge that was ultimately resolved in early 2004. Following this resolution, the Sarb commenced a systematic accumulation of foreign exchange reserves by leveraging favourable
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