Selected monthly data released by the South African Reserve Bank today, 1 March 2004, show that the positive net open foreign currency position (NOFP) of the Bank has decreased by US$812 million from US$4 774 million at the end of December 2003 to US$3 962 million at the end of January 2004. The decline in the positive NOFP was attributable partly to valuations, but mainly to the National Treasury’s prepayment of US$750 million of the 2001-syndicated loans as already announced. In order to maintain the level of gross reserves, the Reserve Bank, as co-borrower under the said syndicated-loan agreement, subsequently drew down US$750 million prepaid by National Treasury. ​