Selected monthly data released by the South African Reserve Bank today, 28 November 2003, show that the positive net open foreign currency position (NOFP) of the Bank has increased by US$895 million from US$1 794 million at the end of September 2003 to US$2 690 million at the end of October 2003. The increase in the positive NOFP was attributable to a combination of factors, including the Reserve Bank’s spot purchases of US dollar from the market and from customers. These purchases are in line with the Bank’s stated policy of taking the opportunity on occasions to purchase US dollars for the reserves on a moderate scale, as set out in the Monetary Policy Committee’s statement of 20 March 2003 (paragraph 4.2). ​