Statement on the Gold and Foreign Exchange Reserves of the Bank
Last Modified Date:
2020-10-08, 02:05 PM
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Information notice on the official gold and foreign exchange reserves of theSouth African Reserve Bank as at 29 February 2008 This notice provides details of the US dollar equivalent of the level of the Reserve Bank’s official gold and foreign exchange reserves and the level of outstanding foreign loans, foreign exchange forward and international liquidity positions as at 29 February 2008, published today in the Bank’s Statement of Assets and Liabilities. As at29 February 2008(‘million)As at31 January 2008(‘million)Change (‘million)Gold reserves (1)US$3 866US$3 690US$176Foreign exchange reservesUS$30 337US$29 919US$418Gross reservesUS$34 203US$33 609US$594Foreign loans-US$1 505-US$1 502-US$3Forward position (2) US$25 US$12US$13International liquidity position(Net reserves)US$32 723US$32 119US$604Dollar/Rand exchange rateMarket gold price (1)Statutory gold price R7.7250US$967.55R7 474.32R7.4300US$923.65R6 862.72 At the end of February 2008 the official gross gold and foreign exchange reserves amounted to US$34,2 billion and the international liquidity position to US$32,7 billion. The increase in reserves reflects a combination of valuation adjustments and foreign exchange operations conducted by the SARB. The valuation impact was more pronounced than usual during February 2008 as a result of exchange rate movements of the US$ againstmajor currencies and a significant increase in the US$ price of gold. 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.