The country’s gold and foreign exchange reserves are on an upward trend, having risen from R69,1 billion at the end of December 1999 to R87,8 billion at the end of the first quarter this year. This is equal to 16 week’s worth of imports. The Reserve Bank’s net open forward position in foreign currency has been declining.
We expect to see continued improvements in this position and we reiterate our commitment to reduce this position to zero, as and when circumstances permit. From $ billion at the end of December 1999 the NOFP fell to $ billion at the end of April. Our latest figures show the NOFP at just over half of that, $ billion, at the end of June.