South Africa’s gold and foreign assets increased $1.336 billion to $50.602 billion in April from $49.266 billion in March, data released by the SA Reserve Bank (SARB) on Monday showed.
Absa Capital economist Jeff Schultz suggested that the “more modest-than-expected” foreign exchange purchases by the SARB in April possibly meant some level of comfort among policymakers that the current firmer rand was helping provide a buffer to the rapid rise in commodity prices in April. The rapid increase in commodity prices, especially of food and oil, posed upward risks for inflation……………………………………….Full Article: Source