Reserve Bank of Australia Annual Report – 1979 Financial Statements Note 6 Exchange valuation adjustments

Exchange valuation adjustments on assets and liabilities denominated in foreign currencies provided a net surplus of $104.7 million in 1978/79 ($128.2 million net surplus in 1977/78); the 1978/79 adjustment includes surplus on deliveries of forward exchange contracts of $7.1 million ($52.6 million surplus in 1977/78). Outstanding forward exchange contracts with the Bank at 30 June 1979 would, if exchange rates ruling at that date were in effect at the time of delivery under the contracts, result in a net surplus of some $8.1 million.