South Africa’s foreign reserves leaps

South Africa’s net foreign reserves has risen to $45.470 Billion in April from $44.774 Billion in March, according to Reserve Bank data showed on Friday.

Gross reserves also increased, to $53.003 Billion in April from $52.458 billion previously. The forward position, representing the central bank’s unsettled or swap transactions, decreased to a balance of $592 million in April after a positive balance of $631 million previously.

South Africa is seeking to get its economy back on track. As it streamlines spending and reshuffles government agencies and departments that have been losing money such as Eskom and South African Airways to mention a few.

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