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 30 April 2008 This notice provides detail 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 published today in the Bank’s Statement of Assets and Liabilities as at 30 April 2008. It also presents the level of foreign exchange forward and international liquidity positions as at the same date. As at30 April 2008(‘million)As at31 March 2008(‘million)Change (‘million)Gold reserves (1)US$3 484US$3 745-US$261Foreign exchange reservesUS$30 800US$30 649US$151Gross reservesUS$34 284US$34 394-US$110Foreign loans-US$1 390-US$1 397US$7Forward position (2)US$79US$128-US$49International liquidity position(Net reserves)US$32 973US$33 125-US$152EUR/US$ exchange rateGBP/US$ exchange rateUS$/ZAR exchange rateMarket gold price (1)Statutory gold priceUS$1.5548US$1.9676R7.595US$871.60R6 619.80US$1.5803US$1.9853R8.100US$936.95R7 589.30 The official gross gold and foreign exchange reserves and the international liquidity position declined to US$34,3 billion and US$33,0 billion, respectively, at the end of April 2008. The change in the foreign exchange reserves reflects valuation adjustments due to exchange rate movements of the US dollar against major currencies. A decrease in the US dollar price of gold also had a significant impact on gross reserves. In addition, normal foreign exchange transactions also impacted on the level of reserves. (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.