Like the Philippines, where measures to encourage greater capital outflows were implemented, so too has South Africa lifted some of the limits on outward investments for local pension funds, insurers and individuals. South Africa has also taken advantage of strong capital inflows to increase the level of foreign-exchange reserves.
Gross reserves have increased by approximately $ billion since January 2010 to $ billion in March 2011. Of this amount, an increase of about $ billion was recorded in the first quarter of 2011. During the 2010 calendar year, the South African Reserve Bank purchased $ billion for foreign-exchange reserves accumulation, while approximately $ billion was purchased during the first quarter of 2011.