Statement on the Gold and Foreign Exchange Reserves of the Bank
Last Modified Date:
2020-10-08, 02:10 PM
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Information notice on the Gold and Foreign Exchange Reservesof the South African Reserve Bank as at 30 June 2003 7 July 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 30 June 2003 published today in the Bank’s Statement of assets and liabilities. As at30 June 2003As at31 May 2003 Gold$1 242 millionR9 312 million$1 822 millionR14 677 million Foreign Exchange$6 473 millionR48 552 million$6 003 millionR48 354 million Gold and Foreign Exchange Reserves$7 715 millionR57 864 million$7 825 millionR63 031 million The decrease in the US dollar equivalent of the gold reserves is attributable to the repayment of the US$ 500 million gold denominated syndicated term loan which matured during the month and also to a weaker gold price. The increase in foreign exchange reserves reflects partly the proceeds of a new US$1 billion syndicated term loan which was signed on 16 June 2003, while the balance of these proceeds were applied against the forward book. The changes in the rand values are attributable to the above developments, as well as exchange rate movements.