Postdoctoral Research Fellow at the University of Johannesburg, Dr Frank Bannor, said the losses were driven largely by aggressive open market operations used to mop up excess liquidity as part of inflation control efforts.

Bannor said liquidity absorption reached about $5.43 billion with interest costs of about $1.54 billion, adding significant pressure to operating results.

Bannor said further clarification from the central bank indicates total losses may be larger than the headline figure, with wider losses described at about $3.08 billion once additional income lines are included.

Balance sheet pressure remains acute. Bannor said negative equity worsened from about $5.30 billion in 2024 to about $8.49 billion in 2025, indicating liabilities exceeding assets.

Bannor said questions remain around gold-related operations, including the role of reserve liquidations in supporting monetary operations and foreign exchange stabilisation activity.

–ChannelAfrica–