Gross foreign exchange reserves in South Africa dropped slightly to $75.43 billion in September 2026 from a three-month high of $75.95 billion in the previous month. The decline was mainly driven by a lower US dollar gold price, foreign exchange and asset price valuation adjustments, and foreign exchange payments made on behalf of the government. Gold reserves decreased to $16.90 billion from $18.00 billion, while SDR holdings also moderated to $6.67 billion from $6.70 billion. On the other hand, the forward position, which represents the central bank’s unsettled forward swaps, rose to $0.587 billion from $0.565 billion. Foreign exchange reserves also increased to $51.87 billion from $51.26 billion in August.