JOHANNESBURG (Reuters) - South Africa's net gold and foreign exchange reserves rose marginally in February as higher gold prices lifted the value of its bullion stocks, data showed on Friday.
Central bank figures showed the "net liquidity position" edged up $54 million to $33.151 billion at the end of February, suggesting a relatively weak rand currency prompted a pause in the accumulation of reserves.
Gross reserves were $33.779 billion compared with $33.734 billion in January, while foreign currency holdings fell by $79 million to $29.959 billion, partly reflecting a revaluation of euro and British pound holdings.
Gold reserves rose by $124 million to $3.82 billion, thanks to the precious metal climbing about $30 to $952.15 an ounce last month.
Analysts said the data pointed to hesitancy on the part of the central bank to buy foreign currency while the rand was weak.
"(Reserve Bank) foreign exchange intervention in the market is very low and will stay that way until there is a meaningful recovery in the rand," Russell Lamberti, economist at market analysts ETM, said.
"The Reserve Bank is probably adopting a stance that the rand can strengthen to better levels over the next couple of years and will want to start accumulating at those more attractive levels."
The local currency was trading at 10.50 against the dollar at 0635 GMT, 1.2 percent stronger for the session but still 10 percent weaker for the year so far, after falling almost 30 percent in 2008.
South Africa's net reserves have risen strongly over the past five years, after the central bank brought a long-standing negative position into balance early in 2004 with the elimination of its loss-making forward foreign exchange book.
Reserves, however, still lag holdings in other emerging economies, a worry given the persistent deficit on South Africa's trade balance, as imports outweigh export receipts.
