Information notice on the gold and foreign exchange reserves of theSouth African Reserve Bank as at 31 January 2005  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 January 2005 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 January 2005(‘million)As at31 December 2004(‘million) Change(‘million)Gold reserves '1$1,693$1,744-$51Foreign exchange reserves$13,419$13,154$265Gross reserves$15,112$14,898$214Foreign loans '1-$3,492-$3,497$5Other-$3-$3$0Forward position '3$43$28$15International liquidity position    (net reserves)$11,660$11,426$234Rand/Dollar exchange rateMarket gold price '1Statutory gold price '2R5.9650$425.000R2,281.69R5.6300$437.750R2,230.44   At the end of January 2005 the official gross gold and foreign exchange reserves amounted to US$15,1 billion and net reserves to US$11,7 billion. During January 2005 the Reserve Bank continued to purchase foreign exchange for the purpose of further increasing its foreign exchange reserves. Lower trading activity as a result of a relatively slow return to normal market conditions following the holiday period, led to relatively modest foreign exchange purchases from the market and clients during the month. The slight reduction in the level of gold reserves reflects the decline in the gold price from US$437,75 to US$425 at the end of January 2005. The change in the forward position relates to unsettled foreign exchange spot purchases. _____________________________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.​