HILARY JOFFE: Tapping into GFECRA is no easy fix, but it wouldn’t be terrible
Using the gold & foreign exchange contingency reserve account could create slightly cheaper funding
26 January 2024 - 05:00
If you think our central bank’s only quirk is that it has private shareholders, think again.
Another is that it doesn’t own the paper profits or losses on SA’s foreign reserves, which a decades-old legislative quirk says belong to the Treasury, even though the reserves themselves sit on the Reserve Bank’s balance sheet — with some odd implications for its financials...
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