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The 2024 Budget will be remembered for something with an unwieldy acronym that came in very handy: GFECRA.
The Gold and Foreign Exchange Contingency Reserve Account (GFECRA) houses accounting profits made from South Africa’s foreign exchange reserves. The account, which is managed by the Reserve Bank on behalf of government, has ballooned from R1.8 billion in 2006 to more than R507 billion. This is because it benefits from the rand weakening, which makes government's dollar holdings more valuable.
