Time ticking for Treasury to tap R150bn gold, foreign currency account
Parliament needs to pass legislation before the elections authorising the government to draw R150bn from gold and foreign currency reserve account
31 March 2024 - 09:52
Parliament is working around the clock to pass — before the elections — legislation that will allow the Treasury to draw R150bn from the account containing South Africa’s gold and foreign currency reserves.
Presenting the budget in February, Enoch Godongwana proposed a drawdown of R150bn from the gold and foreign exchange contingency reserve account (GFECRA) to reduce some of the country’s colossal debt. The account, managed by the Reserve Bank, has more than R500bn in reserves...
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