Information notice on the official gold and foreign exchange reserves of theSouth African Reserve Bank as at 31 October 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 October 2008. It also presents the level of foreign exchange forward and international liquidity positions as at the same date.  As at31 October 2008(million)As at30 September 2008(million)Change (million)Gold reserves (1)US$2 943US$3 559-US$616Foreign exchange reservesUS$29 965US$30 865-US$900Gross reservesUS$32 908US$34 424-US$1 516Foreign loans-US$792-US$792US$0Forward position (2)-US$5US$6-US$11International liquidity position(Net reserves)US$32 111US$33 638-US$1 527EUR/US$ exchange rateGBP/US$ exchange rateUS$/ZAR exchange rateMarket gold price (1)Statutory gold priceUS$1.2745US$1.6173R10.1100US$734.45R7 425.29US$1.4290US$1.8087R8.2700US$890.20R7 361.95  The official gross gold and foreign exchange reserves and the international liquidity position decreased to US$32,9 billion and US$32,1 billion, respectively, at the end of October 2008. The change in the foreign reserves reflects the usual foreign exchange operations of the Bank and sizeable valuation adjustments. The latter stems from a substantial appreciation of the US dollar against other major currencies and the sharp 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 in the US dollar price of gold will from time to time lead to sizeable valuation impacts. 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.​