Statement on the Gold and Foreign Exchange Reserves of the Bank
Last Modified Date:
2020-10-08, 02:05 PM
Notices > Information Notice | >
Information notice on the official gold and foreign exchange reserves of theSouth African Reserve Bank as at 31 December 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 December 2008. It also presents the level of foreign exchange forward and international liquidity positions as at the same date. As at31 December 2008(million)As at30 November 2008(million)Change (million)Gold reserves (1)US$3 484US$3 249US$235Foreign exchange reservesUS$30 615US$29 967US$648Gross reservesUS$34 099US$33 216US$883Foreign loans-US$649-US$647-US$2Forward position (2)US$5US$7-US$2International liquidity position(Net reserves)US$33 455US$32 576US$879EUR/US$ exchange rateGBP/US$ exchange rateUS$/ZAR exchange rateMarket gold price (1)Statutory gold priceUS$1.4092US$1.4451R9.3050US$869.20R8 087.91US$1.2751US$1.5271R10.1350US$810.80R8 217.46 The official gross gold and foreign exchange reserves and the international liquidity position increased to US$34,1 billion and US$33,5 billion, respectively, at the end of December 2008. The change in the foreign reserves reflects the usual foreign exchange operations of the Bank, and sizeable valuation adjustments. The latter stems mainly from a depreciation of the US dollar against the Euro and an increase 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.