Statement on the Gold and Foreign Exchange Reserves of the Bank
Last Modified Date:
2020-10-08, 02:07 PM
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Information notice on the official gold and foreign exchange reserves of theSouth African Reserve Bank as at 30 June 2006 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 30 June 2006, 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 international liquidity positions (net reserves). As at30 June 2006(‘million)As at31 May 2006 (‘million)Change (3)(‘million)Gold reserves (1)$2 419$2 619-$200Foreign exchange reserves$21 531$21 481$50Gross reserves$23 950$24 100-$150Foreign loans and deposits-$3 811-$3 787-$24Forward position (2)$46$48-$2International liquidity position (Net reserves)$20 185$20 361-$176Dollar/Rand exchange rateMarket gold price (1)Statutory gold priceR7.1700$606.500R4 348.61R6.6400$656.700R4 360.49 At the end of June 2006 the official gross gold and foreign exchange reserves amounted to US$24,0 billion and net reserves to US$20,2 billion. The decrease in the foreign exchange reserves was mainly due to revaluation adjustments, in particular impacting on gold reserves, which declined by US$200 million. In line with previously stated policy, the reserves accumulation strategy of the SARB is dependent on prevailing market conditions. The foreign exchange market during the month of June 2006 was characterised by less liquid and more volatile conditions._____________________________(1) Gold in US dollar terms is reflected at middle market rates. For reporting purposes all foreign currency figures have been converted to US dollar at middle market rates at month end.(2) The forward position is made up of outstanding forward and unsettled foreign currency spot transactions.(3) Figures might not add up due to rounding.