| Measure | Approximate level | What it is |
|---|---|---|
| Gross reserves | About USD 65 billion | Total foreign assets held |
| Net reserves | About USD 62 billion | Gross less short-term foreign liabilities |
| Gold holdings | About 125 tonnes | Valued at market |
| Import cover | About 5 months | Months of imports the reserves could fund |
| SDR holdings | About USD 6 billion | IMF special drawing rights |
| Reason | Explanation |
|---|---|
| The rand floats freely | Since March 2000, with inflation targeting |
| Reserves are modest | Small against daily rand turnover |
| Intervention rarely works | A determined market outlasts a central bank |
| The mandate is inflation | Not a level for the currency |
| Reserves are built opportunistically | Bought when the rand is strong, not to defend it |
| Event | Effect |
|---|---|
| A weaker rand | Raises the rand value of the reserves |
| A higher gold price | Raises the value of the gold holding |
| IMF allocations | Adds to SDR holdings |
| Government foreign borrowing | Adds temporarily |
| Opportunistic purchases | Adds gradually, when conditions allow |
Data maintained by TradeAnswers · updated as the figures change