Statement on the Gold and Foreign Exchange Reserves of the Bank
Last Modified Date:
2020-10-08, 02:09 PM
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Information notice on the gold and foreign exchange reserves of theSouth African Reserve Bank as at 30 April 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 30 April 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 at30-Apr-2004 (‘million)As at31-Mar-2004(‘million) Change(‘million)Gold reserves '1$1,541$1,690-$149Foreign exchange reserves$8,602$8,274$328Gross reserves$10,143$9,964$179Foreign loans-$3,737-$3,732-$5Other-$3-$3$0Forward position '3$11$146-$135International liquidity position (net reserves)$6,414$6,375$39Rand/Dollar exchange rateMarket gold price '1Statutory gold price '2R6.8550$387.375R2,421.19R6.3700$424.88R2,407.69 .. At the end of April 2004 the gross foreign exchange reserves amounted to US$10,1 billion and the net reserves to US$6,4 billion. The decrease in the US dollar value of the gold reserves is attributable to the lower gold price, while the net increase in foreign exchange reserves and the forward position reflects normal market operations and customer transactions. _____________________________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.