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 the South African Reserve Bank as at 31 August 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 31 August 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 at31 August 2006(million)As at31 July 2006(million)Change (3)(million)Gold reserves (1)$2 499$2 536-$37Foreign exchange reserves$21 942$21 626$316Gross reserves$24 441$24 162$279Foreign loans and deposits-$3 547-$3 795$248Forward position (2)$52$80-$28International liquidity position (Net reserves)$20 946$20 447$499Dollar/Rand exchange rateMarket gold price (1)Statutory gold priceR7.1200$626.350R4 459.61R6.8750$635.875R4 371.64 At the end of August 2006 the official gross gold and foreign exchange reserves amounted to US$24,4 billion and net reserves to US$20,9 billion. The increase in gross foreign exchange reserves reflects a combination of revaluation adjustments and the usual foreign exchange operations conducted by the SARB during the month. The improvement in net reserves also includes the net effect of a restructuring of foreign loan facilities, which included a prepayment of US$300 million of a 3-year US$1 billion syndicated loan entered into in 2004. _____________________________(1) Gold in US dollar terms is reflected at middle market rates. For reporting purposes all foreign currency figures have been convertedto 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.