South Africa’s foreign reserves climbed sharply in October, signaling improved external stability and a stronger financial cushion for the economy. According to central bank data released recently, net reserves rose to $69.36 billion, up from $67.87 billion in September. Gross reserves also increased to $71.55 billion, reflecting robust inflows and a favorable balance-of-payments position. However, the central bank’s forward position—representing unsettled or swap transactions—declined to $0.60 billion from $1.18 billion, suggesting a more cautious stance on foreign exchange management. The rise in reserves comes as South Africa works to strengthen investor confidence amid volatile global markets and ongoing domestic fiscal challenges.
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