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 31 May 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 31 May 2008. It also presents the level of foreign exchange forward and international liquidity positions as at the same date. As at31 May 2008(‘million)As at30 April 2008(‘million)Change (‘million)Gold reserves '1US$3 540US$3 484US$56Foreign exchange reservesUS$30 868US$30 800US$68Gross reservesUS$34 408US$34 284US$124Foreign loans-US$1 141-US$1 390US$249Forward position '2-US$37US$79-US$116International liquidity position(Net reserves)US$33 230US$32 973US$257EUR/US$ exchange rateGBP/US$ exchange rateUS$/ZAR exchange rateMarket gold price '1Statutory gold priceUS$1.5498US$1.9720R7.6100US$885.65R6 739.80US$1.5548US$1.9676R7.595US$871.60R6 619.80 The official gross gold and foreign exchange reserves and the international liquidity position increased to US$34,4 billion and US$33,2 billion, respectively, at the end of May 2008. The change in the foreign exchange reserves reflects valuation adjustments and the usual foreign exchange operations of the Reserve Bank. The improvement in the international liquidity position mainly 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.