Statement on the Gold and Foreign Exchange Reserves of the Bank
Last Modified Date:
2020-10-08, 02:13 PM
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Statement issued by the South African Reserve Bankon the Gold and Foreign Exchange Reservesof the Bank as at 30 September 1998 2 October 1998 The Bank's provisional gross gold and foreign exchange reserves amounted to R30,5 billion as at 30 September 1998, compared to R32,7 billion as at 31 August 1998. The utilisation of foreign credit lines at the end of September 1998 amounted to R18,4 billion which is unchanged from the end of August 1998.The outstanding oversold forward book of the bank was US$25,3 billion at close of business on 30 September 1998 which is unchanged from the end of August 1998.The change in the gross gold and foreign exchange reserves of R2,2 billion can be attributed to the repayment of the second last tranche of SDR76,8 million (R522,5 million) of the International Monetary Fund Compensatory Financing Facility and a downward valuation adjustment of R2,3 billion as a result of the strengthening of the Rand during the month from R6,46 to R5,86 per US dollar.Any possible changes to these preliminary figures will be reflected in the Bank's monthly Statement of Assets and Liabilities to be published on Thursday, 8 October 1998.