Information notice on the official gold and foreign exchange reserves of the
South African Reserve Bank as at 31 March 2008
This notice provides details of the US dollar equivalent of the level of the Reserve Bank’s official gold and foreign exchange reserves and the level of outstanding foreign loans, foreign exchange forward and international liquidity positions as at 31 March 2008, published today in the Bank’s Statement of Assets and Liabilities.
 | As at
31 March 2008
(‘million) | As at
29 February 2008
(‘million) | Change
(‘million) |
| Gold reserves (1) | US$3 745 | US$3 866 | -US$121 |
| Foreign exchange reserves | US$30 649 | US$30 337 | US$312 |
| Gross reserves | US$34 394 | US$34 203 | US$191 |
| Foreign loans | -US$1 397 | -US$1 505 | US$108 |
| Forward position (2) | US$128 | US$25 | US$103 |
International liquidity position
(Net reserves) | US$33 125 | US$32 723 | US$402 |
Dollar/Rand exchange rate
Market gold price (1)
Statutory gold price | R8.1000
US$936.95
R7 589.30 | R7.7250
US$967.55
R7 474.32 | |
At the end of March 2008 the official gross gold and foreign exchange reserves amounted to US$34,4 billion and the international liquidity position to US$33,1 billion.
The change in the foreign exchange reserves reflects the Bank’s normal foreign exchange transactions as well as purchases on behalf of customers to be applied against foreign commitments during April 2008. Valuation adjustments due to exchange rate movements of the US dollar against major currencies as well as a decrease in the US dollar price of gold also had a significant impact on gross reserves, whilst the level of borrowed reserves declined due to the repayment of foreign liabilities.
(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 is made up of outstanding forward contracts and unsettled foreign currency spot transactions.
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