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 September 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 30 September 2008. It also presents the level of foreign exchange forward and international liquidity positions as at the same date. As at30 September 2008(million)As at31 August 2008(million)Change (million)Gold reserves (1)US$3 559US$3 330US$229Foreign exchange reservesUS$30 865US$31 002-US$137Gross reservesUS$34 424US$34 332US$92Foreign loans-US$792-US$896US$104Forward position (2)US$6US$66-US$60International liquidity position(Net reserves)US$33 638US$33 502US$136EUR/US$ exchange rateGBP/US$ exchange rateUS$/ZAR exchange rateMarket gold price (1)Statutory gold priceUS$1.4290US$1.8087R8.2700US$890.20R7 361.95US$1.4737US$1.8306R7.7050US$832.90R6 417.50 The official gross gold and foreign exchange reserves and the international liquidity position increased to US$34,4 billion and US$33,6 billion, respectively, at the end of September 2008. The change in the foreign reserves reflects the usual foreign exchange operations of the Bank, a further repayment of foreign loans and valuation adjustments. The valuation adjustments are mainly explained by the increase in the US dollar price of gold and the appreciation of the US dollar against other major currencies. 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.