SARB expects to pay off R100bn from contingency reserve account within 2 weeks

JOHANNESBURG - The South African Reserve Bank (SARB) says it expects to complete the payment of R100 billion in profits from the Gold and Foreign Exchange Contingency Reserve Account within the next two weeks.

Earlier in 2024, National Treasury announced it would dip into the account, held by the central bank, to keep up with some of its debt servicing costs.

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Treasury plans to draw down on R150 billion from the contingency reserve account over the next three years.

During the SARB’s annual general meeting in Pretoria on Tuesday, Governor Lesetja Kganyago gave an update on the transaction.

“As of 1 July, R100 billion had been transferred to the SARB, and roughly three-quarters of the R100 billion due to National Treasury this year has already been paid out. We expect to complete the transfers by mid-August.”