South Africa's net reserves increased to US$33.4 billion in March from US$33.1 billion recorded in February, the Reserve Bank said Tuesday.

Gross reserves rose to US$34.10 billion from February's US$33.7 billion, while the country's gold reserves decreased slightly to US$3.7 billion from US$3.8 billion.

Foreign exchange reserves stood at US$30.40 billion, an increase from US$29.95 billion.

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