Reserve Bank of Australia Annual Report – 1978 Financial Statements Note 2 Gold and foreign exchange

This comprises gold, special drawing rights and foreign exchange holdings. Since 10 August 1977 gold has been valued at the average London gold price for the month (June 1978 – US$183.75 per fine ounce) converted to Australian dollars at the market rate of exchange applying on 30 June 1978. Prior to 10 August 1977 gold was valued at the IMF official price in special drawing rights converted to Australian dollars at the derived SDR/$A rate.

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.