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 August 2008 This notice provides details of the US dollar equivalent of the level of the South African 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 August 2008. It also presents the level of foreign exchange forward and international liquidity positions as at the same date. As at31 August 2008(million)As at31 July 2008(million)Change (million)Gold reserves (1)US$3 330US$3 666-US$336Foreign exchange reservesUS$31 002US$31 338-US$336Gross reservesUS$34 332US$35 004-US$672Foreign loans-US$896-US$895-US$1Forward position (2)US$66US$62US$4International liquidity position(Net reserves)US$33 502US$34 171-US$669EUR/US$ exchange rateGBP/US$ exchange rateUS$/ZAR exchange rateMarket gold price (1)Statutory gold priceUS$1.4737US$1.8306R7.7050US$832.90R6 417.50US$1.5677US$1.98745R7.3300US$917.00R6 721.61 The official gross gold and foreign exchange reserves and the international liquidity position decreased to US$34,3 billion and US$33,5 billion, respectively, at the end of August 2008. The change in the foreign reserves reflects the usual foreign exchange operations of the Bank and significant valuation adjustments. The valuation adjustments are explained by the appreciation of the US dollar against other major currencies and the decline in the US dollar price of gold. Given the size and the diversified nature of foreign reserves, it is to be expected that significant changes in the value of the US dollar and/or in the US dollar price of gold can lead to sizeable changes in valuations from time to time. 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 comprises unsettled foreign currency spot transactions.