Nigeria Content Online

South Africa’s
foreign reserves rose in September, at a pace suggesting central bank
intervention was not aggressive, despite strong gains in the local
currency, a phenomenon some emerging markets have been fighting more
actively.

The rand has gained
more than 28 percent against the dollar, since the start of 2009, and
more than 7 percent since the beginning of this year, prompting calls
from labour unions for the authorities to step in more forcefully to
weaken it.

The data showed the
South Africa Reserve Bank’s intervention to curb currency appreciation
remained “relatively benign” against more aggressive action by other
central banks, said Razia Khan, regional head of research for Africa at
Standard Chartered.

Net gold and
foreign exchange reserves increased to $40.854 billion at the end of
September from $39.178 billion in August, the central bank said in a
statement posted on its website.