Information notice on the gold and foreign exchange reserves of theSouth African Reserve Bank as at 31 March 2005 This notice provides details of the US dollar equivalent of the level of the Reserve Bank’s official gold and foreign exchange reserves as at 31 March 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 at31 March 2005(‘million)As at28 February 2005(‘million) Change(‘million)Gold reserves '1$1,706$1,740-$34Foreign exchange reserves$14,162$13,880$282Gross reserves$15,868$15,620$248Foreign loans-$3,498-$3,494-$4Other$0-$3$3Forward position '3$11$64-$53International liquidity position  (net reserves)$12,381$12,187$194Rand/Dollar exchange rateMarket gold price '1Statutory gold price '2R6.2350$428.150R2,669.52R5.8000$436.750R2,263.71    At the end of March 2005 the official gross gold and foreign exchange reserves amounted to US$15,9 billion and net reserves to US$12,4 billion. As part of its normal operations, the Reserve Bank continued in March to purchase foreign exchange from the market to increase its foreign exchange reserves. Opportunities for doing so were, however, limited by at times sizeable fluctuations during the month in the major international currencies.   _____________________________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 Minister of Finance has on 6 March 2005, after consultation with the South African Reserve Bank(“SARB”), under Section 25(1) of the South African Reserve Bank Act, 1989 (Act No. 90 of 1989), determined that, for statutory price purposes, all gold of the SARB will be valued at the market price taken at 14h30 on each valuation date.3   The forward position is made up of unsettled foreign currency spot, forward and swap transactions. ​