Central Bank reserves up to mid June

Foreign assets see slight drop, total reserves up by $2 billion y-o-y

June 23, 2011- Foreign currency reserves dropped to $29.7 billion in mid June, down from $29.9 billion as at the end of May, showing a bi-weekly depreciation of 0.6 percent, or equivalent to $180 million, according to figures released by the Central Bank.

The bank attributed the depreciation to investors’ concerns amid the sustained local and regional turmoil.

Foreign assets portfolio fell by around two percent year-on-year (y-o-y) from $30.4 billion as at mid June 2010.
The value of gold reserves posted a bi-weekly depreciation of 1.24 percent ($176.15 million) to $14 billion as at mid June 2011. Gold reserves have soared by 24 percent ($2.73 billion) y-o-y from $11.28 billion in mid June 2010.

The Central Bank’s total reserves came in at $43.78 billion as at mid June, 2011, up from $41.67 billion in the first half of June 2010.