Information notice on the official gold and foreign exchange reserves of theSouth African Reserve Bank as at 31 March 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 31 March 2008, published today in the Bank’s Statement of Assets and Liabilities.  As at31 March 2008(‘million)As at29 February 2008(‘million)Change (‘million)Gold reserves (1)US$3 745US$3 866-US$121Foreign exchange reservesUS$30 649US$30 337US$312Gross reservesUS$34 394US$34 203US$191Foreign loans-US$1 397-US$1 505US$108Forward position (2)US$128US$25US$103International liquidity position(Net reserves)US$33 125US$32 723US$402Dollar/Rand exchange rateMarket gold price (1)Statutory gold priceR8.1000US$936.95R7 589.30R7.7250US$967.55R7 474.32  At the end of March 2008 the official gross gold and foreign exchange reserves amounted to US$34,4 billion and the international liquidity position to US$33,1 billion. The change in the foreign exchange reserves reflects the Bank’s normal foreign exchange transactions as well as purchases on behalf of customers to be applied against foreign commitments during April 2008. Valuation adjustments due to exchange rate movements of the US dollar against major currencies as well as a decrease in the US dollar price of gold also had a significant impact on gross reserves, whilst the level of borrowed reserves declined due to the repayment of foreign liabilities.  (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. ​