South African Reserve Bank - Annual Report 2006

According to the South African Reserve Bank's Annual Report 2006, despite a growing current-account deficit, capital inflows enabled the Bank to further increase its levels of official foreign reserves.

"Over the same period the net reserves increased to US$19 499 million from US$12 381 million. With the assistance of the National Treasury, the bulk of this increase in foreign reserves was sterilised by means of a special deposit account at the Bank, ameliorating the impact on the profitability

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