The National Treasury will tap the Gold & Foreign Exchange Contingency Reserve Account (GFECRA) by drawing down R150bn to reduce borrowing costs, finance minister Enoch Godongwana said on Wednesday.

“We will draw down R150bn of the GFECRA balance once we have ensured that sufficient buffers are available to absorb exchange rate swings and the solvency of the Reserve Bank is not compromised,” Godongwana said as he delivered the last budget of the sixth administration...

This article is free to read if you sign up or sign in.

If you have already registered or subscribed, please sign in to continue.

Questions or problems? Email or call 0860 52 52 00.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.