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 November 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 November 2008. It also presents the level of foreign exchange forward and international liquidity positions as at the same date. As at30 November 2008(million)As at31 October 2008(million)Change (million)Gold reserves (1)US$3 249US$2 943US$306Foreign exchange reservesUS$29 967US$29 965US$2Gross reservesUS$33 216US$32 908US$308Foreign loans-US$647-US$792US$145Forward position (2)US$7-US$5US$12International liquidity position(Net reserves)US$32 576US$32 111US$465EUR/US$ exchange rateGBP/US$ exchange rateUS$/ZAR exchange rateMarket gold price (1)Statutory gold priceUS$1.2751US$1.5271R10.1350US$810.80R8 217.46US$1.2745US$1.6173R10.1100US$734.45R7 425.29 The official gross gold and foreign exchange reserves and the international liquidity position increased to US$33,2 billion and US$32,6 billion, respectively, at the end of November 2008. The change in the foreign reserves reflects the usual foreign exchange operations of the Bank, valuation adjustments as well as repayment of loans. Gross reserves improved mainly as a result of the increase in the US dollar price of gold. 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.