Gross reserves came in at USD37.953 billion in August from USD35.747 billion previously, the SARB added.
There was an increase of USD 2.158 billion in net foreign currency holdings to USD 34.156 billion, the SARB said.
Gold reserves rose by USD48 million to USD3.798 billion, the central bank added.
Commenting on the reserves data, RMB said the sharp rise in net reserves in August was due to the addition of the International Monetary Fund's Special Drawing Right (SDR) rather than because of SARB involvement in the market.
"Our calculations, in fact, show that the SARB bought practically zero in the month.
"This is consistent with their recent inactivity.
This was one reason why RMB adjusted its end-year USD/Rand forecast to 8.50 from 9.00 last week.
"It remains to be seen whether they are more active this month given the renewed rand strength," RMB noted.
The SDR allocation came from the IMF's pledge at the London G20 summit to inject liquidity into the global economy, RMB explained. Under the plan the IMF had created (equivalent to money creation) US250 billion worth of SDRs.
"This has been allocated to 186 countries based largely on the size of their economy and development status.
"South Africas allocation was USD2.1 billion on 28 August -- which can be viewed almost as a donation," RMB said.
"This money went straight to reserves."
RMB noted that SA would get another USD300 million in September.
"What was a little surprising is that the proceeds from the governments USD500 million offshore bond issues was not reflected in these reserves figures," RMB said.
"We suspect that this will come though in the September number -- it is unlikely that the proceeds were left to go through the market," RMB added.
--Sapa--
