Information notice on the gold and foreign exchange reserves of theSouth African Reserve Bank as at 31 August 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 August 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-August-2004(‘million)As at31-July-2004(‘million) Change(‘million)Gold reserves '1$1,626$1,550$76Foreign exchange reserves$10,415$10,251$164Gross reserves$12,041$11,801$240Foreign loans '1-$3,500-$3,494-$6Other-$3-$3$0Forward position '3$13$72-$59International liquidity position    (net reserves)$8,551$8,376$175Rand/Dollar exchange rateMarket gold price '1Statutory gold price '2R6.6800$408.375R2,443.22R6.2450$389.38R2,189.21   At the end of August 2004 the gross gold and foreign exchange reserves amounted to US$12,0 billion and the net reserves to US$8,6 billion. The increase in gross and net reserves reflects normal market operations and customer transactions undertaken by the Reserve Bank during the month as well as normal valuation effects.  _____________________________1 The gold 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. ​