Business News
South Africa's gold and foreign exchange reserves up in April
May 9, 2011, 9:41 GMT
Johannesburg - South Africa's net gold and foreign exchange reserves rose in April to 46.04 billion dollars, from 44.73 billion the previous month, data released Monday by the Reserve Bank showed.
Gross figures were affected by valuation adjustments associated with the increase in the price of gold in dollars and the depreciation of the greenback, the bank said. The bank also made foreign currency purchases.
The South African Reserve Bank will announce its next monetary policy decision on Thursday. Analysts largely expect the target lending rate to remain unchanged at 5.5 percent.
Data last week indicated a rise in unemployment in the first quarter, pushing the jobless rate to 25 per cent, with the recovery from the 2009 recession seen as sluggish.
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