In addition, the Bank and the National Treasury made a concerted effort to eliminate the negative net open foreign currency position (NOFP) from a high of $ billion in September 1998. This goal was achieved in May 2003 and opened the way towards steadily increasing the Bank's reserves. At the same time, the Bank also streamlined its reserve management structures and processes.
As at 30 June 2003, the gross foreign exchange reserves of the Bank amounted to $ billion. Of this, $ billion consisted of foreign exchange, mainly US dollar, and $ billion consisted of gold. The Bank's borrowed reserves (foreign loans) amounted to $ billion. The net reserves therefore amounted to $ billion.