To the contrary, our reserves are still considered to be on the low side, and over time we will need to build up these reserves further. But it is also important to point out that reserve accumulation has in fact been highly profitable for the country. As the rand has depreciated over time, the rand value of these reserves has increased quite substantially.
However, in terms of the SARB Act, these revaluation gains (or possible losses) accrue to the government through the Gold and Foreign Exchange Contingency Reserve Account (GFECRA), while the current low return and cost of sterilisation accrue to the Bank.