Information notice on the gold and foreign exchange reserves of theSouth African Reserve Bank as at 28 February 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 28 February 2005 published today in the Bank’s Statement of Assets and Liabilities. The notice also provides details of the level of outstanding foreign loans, the foreign exchange forward and the international liquidity position (net reserves).   As at28 February 2005(‘million)As at31 January 2005(‘million)Change (‘million)Gold reserves '1$1,740$1,693$47Foreign exchange reserves$13,880$13,419$461Gross reserves$15,620$15,112$508Foreign loans-$3,494-$3,492-$2Other-$3-$3$0Forward position '3$64$43$21International liquidity position    (net reserves)$12,187$11,660$527Rand/Dollar exchange rateMarket gold price '1Statutory gold price '2R5.8000$436.750R2,263.71R5.9650$425.000R2,281.69   At the end of February 2005 the official gross gold and foreign exchange reserves amounted to US$15,6 billion and net reserves to US$12,2 billion. As part of its normal operations, the Reserve Bank continued to purchase foreign exchange from the market during February in order to increase further its foreign exchange reserves levels. Valuation adjustments, particularly with respect to gold reserves, also contributed to the increase in the value of total reserves. The change in the forward position relates to unsettled foreign exchange spot purchases.  _____________________________ 1Gold 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.2The statutory gold price is the average of the last 10 London gold price fixings less 10 per cent.3The forward position is made up of unsettled foreign currency spot, forward and swap transactions. ​