2001-06-14: Net Open Foreign Currency Position (NOFP)
Last Modified Date:
2020-10-08, 08:15 PM
Media > Media Releases
The Net Open Foreign Currency Position (NOFP) was US$5,3 billion at close of business on 13 June 2001 compared with US$7,2 billion at close of business on 31 May 2001. This improvement resulted mainly from the remaining part of the Anglo/De Beers transaction which was settled on 8 June 2001. This factor obliged the South African Reserve Bank to operate in the short-term forward exchange market in order to sterilise the effect of the rand being paid into the market. These short-term foreign exchange operations may have temporarily influenced the domestic overnight rates as evidenced by the pressure on the repurchase rate on Friday and Monday. These pressures were neutralised by providing more liquidity than was required by the market.