Kganyago warns ‘pot of gold’ is a fairy tale
GFECRA money can be used, but it means selling underlying assets and printing money to transfer to the treasury, says Reserve Bank governor
26 November 2023 - 06:50
Reserve Bank governor Lesetja Kganyago has warned South Africans against seeing the gold & foreign exchange currency reserve account (GFECRA) — which now stands at nearly R500bn — as a “pot of gold” that would solve their economic woes.
But he added that the central bank was in talks with the National Treasury about possibly drawing from the GFECRA, which is split into three: the gold price adjustments account, the forward exchange account and the foreign exchange account. ..
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