Information notice on the Gold and Foreign Exchange Reservesof the South African Reserve Bank as at 31 May 2003 6 June 2003 This notice provides, for information, details of the US dollar and rand equivalent of the data of the Bank’s gold and foreign exchange reserves as at 31 May 2003 published today in the Bank’s Statement of Assets and Liabilities.  As at31 May 2003As at30 April 2003 Gold$1 822 millionR14 677 million$1 640 millionR11 695 million Foreign Exchange$6 003 millionR48 354 million$6 034 millionR43 024 million Gold and Foreign Exchange Reserves$7 825 millionR63 031 million$7 674 millionR54 719 million The increase in the US dollar equivalent of the gold reserves is attributable to valuations and also reflects the reset of two tranches of the Syndicated Gold Loan that were rolled over in May 2003, while variations in the rand value are mostly attributable to exchange rate movements. Technical Note The difference between the US dollar equivalent of the reserves reported on the Bank’s balance sheet and the figures reflected on the Bank’s template on International Reserves and Foreign Currency Liquidity is the valuation methodology applied to the gold reserves. The gold reserves on the Bank’s balance sheet is valued at the statutory price, being the average of the last 10 London gold price fixings less 10%, while, on the template, gold is valued at the close-of-business gold price at the end of each month. The template for 31 May 2003 will be published on the Bank’s website not later than 1 July 2003. ​