While South Africa does not target a specific optimal level of reserves, we do look at various measures that inform what could be deemed an acceptable level of reserves for the country, taking into account factors such as the balance of payments position and debt dynamics.
Much as by international comparison, when looking at other emerging market countries or similarly rated countries, our reserves are still relatively low, the level of foreign exchange reserves exceeds short term foreign exchange commitments of the country, and we broadly satisfy commonly accepted reserve adequacy measures.