Reserve Bank of Australia Annual Report – 1977 Financial Statements Note 2 Gold and foreign exchange

This comprises gold, special drawing rights and foreign exchange holdings.

Gold is valued at the IMF official price in special drawing rights (currently SDR 35 per fine ounce) converted to Australian dollars at the derived SDR/$A rate.

If prices quoted in the London gold market of around US$143 ($A128) per fine ounce were applied to the volume of the Bank's holdings of gold, the figure at 30 June 1977 would have been $962 million.

Marketable securities are included at current market values. Where applicable, values for other investments include accrued interest.

Foreign exchange holdings are converted to Australian dollars at current market rates of exchange. Special drawing rights are converted to Australian dollars at the derived SDR/$A rate.