Information notice on the gold and foreign exchange reserves of theSouth African Reserve Bank as at 31 March 2004 This notice provides details of the US dollar equivalent of the level of the Reserve Bank’s gold and foreign exchange reserves as at 31 March 2004 published today in the Bank’s Statement of Assets and Liabilities. The notice also provides details of the level of outstanding foreign loans and any foreign exchange forward position.  As at31-Mar-2004         (‘million)As at29-Feb-2004(‘million) Change(‘million)Gold reserves '1$1,690$1,563$127Foreign exchange reserves$8,274$6,756$1,518Gross reserves$9,964 $8,319$1,645Foreign loans-$3,732-$3,704-$28 Other-$3-$3$0Forward position '3$146$38$108International liquidity position    (net reserves)$6,375$4,650$1,725Rand/Dollar exchange rateMarket gold price '1Statutory gold price '2R6.3700$424.88R2,407.69R6.6600$393.15R2,387.47    The increase in the gross and net reserves in March is the result of purchases of foreign exchange in the market by the South African Reserve Bank during a month which saw active market trading. It reflects particularly a large order to buy rand, associated with a corporate FDI transaction, which was effected in the market towards the end of the month. A time series of the back data to January 1998 for foreign exchange reserves based on the above format is now available on the South African Reserve Bank website under Financial Markets in the SARB activities section. _____________________________1             The gold reserves in US dollar terms are reflected at middle market rates while in rand terms for balance sheet reporting the gold holdings are reflected at the statutory price. For reporting purposes all foreign currency figures have been converted to US dollar at middle market rates at month end.2             The statutory gold price is the average of the last 10 London gold price fixings less 10%.3     The forward position is made up of unsettled foreign currency spot, forward and swap transactions. ​