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 29 February 2004 This notice provides details of the US dollar and rand equivalent of the level of the Reserve Bank’s gold and foreign exchange reserves as at 29 February 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 at29 February 2004 (‘million) As at31 January 2004(‘million) Change (‘million)Gold reserves '1$1,572R9,490$1,599R10,260-$27-R770Foreign exchange reserves$6,760R44,996$6,467R45,625$293-R629Gross reserves$8,332R54,486 $8,066R55,885$266-R1,399Foreign loans-$3,720-R24,668-$3,748-R26,306$28R1,638Forward position '3$38-$356$394International liquidity position (net reserves) $4,650$3,962$688Rand/Dollar exchange rateMarket gold price '1Statutory gold price '2R6.6600$393.15R2,387.47R7.0600$400.20R2,581.44 The increase in the level of the gross reserves and the closing out of the forward book is mainly attributable to foreign currency purchases from the market as part of the normal prudent management of the Reserve Bank’s balance sheet. Any possible changes to the preliminary rand figures will be reflected in the Bank’s monthly Statement of Assets and Liabilities to be published on Friday, 5 March 2004. _____________________________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.