Reserve Bank of Australia Annual Report – 1997 Financial Statements Note 8
Note 8 Investments
| 1996 $'000 | 1997 $'000 | |
|---|---|---|
| Foreign exchange | ||
| Securities sold under repurchase agreements (market value) | 368,930 | 1,172,022 |
| Securities held under repurchase agreements (contract price) | 3,454,067 | 3,264,609 |
| Other securities | 11,053,978 | 16,957,028 |
| Accrued interest receivable | 115,838 | 196,465 |
| Total | 14,992,813 | 21,590,124 |
| Domestic government securities | ||
| Securities sold under repurchase agreements (market value) | 588,570 | 331,912 |
| Securities held under repurchase agreements (contract price) | 1,674,687 | 6,107,354 |
| Other securities | 13,591,995 | 18,503,220 |
| Accrued interest receivable | 297,043 | 464,179 |
| Total | 16,152,295 | 25,406,665 |
At 30 June 1997, about 3 per cent of the Bank's foreign currency reserves (excluding gold) were hedged through interest rate futures contracts. At that same date, the Bank was contracted to sales of $11,072 million of foreign currencies and purchases of $8,407 million in respect of which settlement was not due until after balance date; these included undelivered spot transactions.
At 30 June 1997, the Bank's total gold holdings included an amount of $610 million (contract price) contracted for sale in August and September 1997. The remainder of gold holdings is valued at the end-year market price (Note 1(b)). About 89 per cent of the Bank's total gold holdings were extended as gold loans at 30 June (46 per cent at 30 June 1996).