Gross foreign exchange reserves in South Africa increased to a fresh record high of $68.116 billion in May 2025, from $67.585 billion in the previous month. This was driven by increases in gold reserves ($13.277 billion vs $13.192 billion in April), SDR holdings ($6.439 billion vs $6.436 billion), and foreign currency reserves ($48.4 billion vs $47.957 billion). Meanwhile, the forward position, representing the central bank's unsettled or swap transactions, decreased to $0.528 billion in May from $0.791 billion in the prior month.