1998-01-23: Change in release time of Reserve Bank announcements on monetary statistics and the
Last Modified Date:
2020-10-08, 08:17 PM
Media > Media Releases
The South African Reserve Bank will in future release statements on the monthly changes in monetary and credit aggregates early in the morning before the start of trading in the South African financial markets. In the past, these announcements were made late in the afternoon after trading in these markets had come to a close. As from 30 January 1998 the Monthly Release of Selected Data, which contains the most recent information on the major monetary and credit aggregates, will be made at 08:00 (South African time), instead of 17:00. Both the monthly Statement of Assets and Liabilities and the Statement on the Gold and Foreign Exchange Reserves of the Bank will likewise in future be released at 08:00. Participants in the securities markets will thus be able to take account of the latest available information at the beginning of their daily trading operations in the South African markets.The Monthly Release of Selected Data will in future also incorporate information on the net open position in foreign currency of the Reserve Bank. This position is determined as:* the South African Reserve Bank's net forward position in foreign currency, less* the South African Reserve Bank's net spot gold and foreign exchange reserves.The information will cover month-end positions, will be denominated in United States dollars, and will initially be released with a time-lag of three months. The next release to be made towards the end of January 1998 will therefore contain the position as at the end of October 1997. In the present volatile international currency market situation, the Bank's net open foreign currency position can fluctuate substantially from month to month. It is, however, the intention to continue gradually to reduce the Bank's involvement in the forward foreign exchange market.