Analysts say the amount is enough to cover three months of exports.
It was much better than general market expectations. Net reserves rose by R1.1billion to R21.5-billion. Rand Merchant Bank's Etienne le Roux points out that although the net reserves are approaching new highs in rand terms, in dollar terms they are still below the 4.7-billion of April 1998. The central bank's shortterm foreign borrowings grew by 200-million to 3billion. The rise boosted the valuation of the SARB's 4-million ounces of reserves held in gold.