Statement on the Gold and Foreign Exchange Reserves of the Bank
Last Modified Date:
2020-10-08, 02:06 PM
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Information notice on the official gold and foreign exchange reserves of theSouth African Reserve Bank as at 30 November 2007 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 November 2007, published today in the Bank’s Statement of Assets and Liabilities. The notice also provides details of the level of outstanding foreign loans, foreign exchange forward and international liquidity positions. As at30 November 2007(‘million)As at31 October 2007(‘million)Change (‘million)Gold reserves (1)US$3 176US$3 138US$38Foreign exchange reservesUS$29 174US$28 623US$551Gross reservesUS$32 350US$31 761US$589Foreign loans-US$1 744-US$1 999US$255Forward position (2)US$63US$167-US$104International liquidity position(Net reserves)US$30 669US$29 929US$740Dollar/Rand exchange rateMarket gold price (1)Statutory gold priceR6.7450US$795.15R5 363.29R6.5400US$786.00R5 140.44 At the end of November 2007 the official gross gold and foreign exchange reserves amounted to US$32,4 billion and the international liquidity position to US$30,7 billion. The increase in reserves reflects a combination of valuation adjustments and the normal foreign exchange operations conducted by the SARB. The improvement in the international liquidity position also reflects a prepayment of US$250 million of the 3 year tranche of the US$1,5 billion dual currency syndicated loan entered into during July 2005. (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 contracts and unsettled foreign currency spot transactions.(3) Figures might not add up due to rounding.