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.
It has continued to grow at a pace above its potential growth rate.1 This is evidenced by the real GDP growth rate having registered 1.8 percent for the October-December quarter of 2018 on an annualized quarter-onquarter basis, and 2.2 percent for the January-March quarter of 2019.