Government’s Cash Reserves Drop R68.6 Billion in April

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National Treasury released a Media Statement with its provisional financing figures for April 2026 on 5 May 2026. The numbers show a sharp decline in government cash reserves during the first month of the new fiscal year.

The headline number

Government’s cash balance fell from R219.3 billion to R150.8 billion in April, a decrease of R68.6 billion in a single month. Of the remaining balance, R74 billion is held in South African Reserve Bank foreign currency accounts, while R76.8 billion is held with commercial banks.

Key figures for the month

• Domestic borrowing: Government raised a net R2.2 billion in short-term borrowing and R19.2 billion in long-term domestic loans.

• Foreign debt: Government received R3.9 billion from the French Development Bank as the second tranche of funding linked to South Africa’s Just Energy Transition Investment Plan. At the same time, foreign loan repayments totalled R20.6 billion, resulting in a net foreign outflow of about R16.8 billion.

• National Revenue Fund: Receipts of R2.2 billion from bond-related premiums were partially offset by R1.47 billion in payments, mainly due to foreign currency revaluation losses caused by rand weakness.

What to watch

The anticipated R56 billion Gold and Foreign Exchange Contingency Reserve Account (GFECRA) settlement from the South African Reserve Bank has not yet been reflected in the figures. Treasury notes that this payment is expected during the 2026/27 financial year as part of the partial settlement of GFECRA proceeds.

More detailed revenue, expenditure and borrowing figures will be released by National Treasury on 29 May 2026.

For businesses with foreign currency exposure, import dependency, or reliance on government contracts, these monthly financing figures provide an important early signal of fiscal pressure and currency risk.