Information notice on the gold and foreign exchange reserves of theSouth African Reserve Bank as at 31 October 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 October 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-October-2004(‘million)As at30-September-2004(‘million) Change(‘million)Gold reserves '1$1,692$1,656$36Foreign exchange reserves$11,315$10,725$590Gross reserves$13,007$12,381$626Foreign loans '1-$3,494-$3,513$19Other-$3-$3$0Forward position '3$165$169-$4International liquidity position    (net reserves)$9,675$9,034$641Rand/Dollar exchange rateMarket gold price '1Statutory gold price '2R6.1250$424.750R2,352.02R6.4200$415.830R2,374.76   At the end of October 2004 the official gross gold and foreign exchange reserves amounted to US$13,0 billion and net reserves to US$9,7 billion. As part of its normal operations, the Reserve Bank took advantage of active market conditions during the month of October to increase further its foreign exchange reserves levels. Foreign exchange purchases undertaken during the month resulted in an increase in gross and net reserves, even after taking into consideration the repayment of a maturing National Treasury loan in the amount of €300 million (US$372 million) and other customer transactions which were funded by Reserve Bank purchases of foreign exchange in the market. Changes in the forward position related to unsettled foreign exchange spot purchases undertaken at the respective month-ends. _____________________________1 Gold in US dollar terms is 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 per cent.3  The forward position is made up of unsettled foreign currency spot, forward and swap transactions. ​