Reserve Bank of Australia Annual Report – 1976 Financial Statements Note 7 Transfers in reduction of unfunded adjustments arising from fluctuations in exchange rates
| Central Banking Business | Note Issue Department | Total |
||||
|---|---|---|---|---|---|---|
| 1976 $'000 |
1975 $'000 |
1976 $'000 |
1975 $'000 |
1976 $'000 |
1975 $'000 |
|
| Transfers from: | ||||||
| Reserves for contingencies | 26,464 | 107,259 | 38,331 | 126,043 | 64,795 | 233,302 |
| Exchange valuation gains (See Note 8) | 48,036 | 119,080 | 78,424 | 90,374 | 126,460 | 209,454 |
| 74,500 | 226,339 | 116,755 | 216,417 | 191,255 | 442,756 | |
During 1975/76, net book gains arising from fluctuations in exchange rates (see Note 8) totalled $126 million ($209 million – 1974/75); these book gains were excluded from profit and loss accounts and passed directly to exchange valuation adjustment accounts as a deduction from past exchange losses. The exchange valuation adjustment accounts were also reduced during 1975/76 by transfers totalling $65 million ($233 million – 1974/75) from reserves for contingencies of Central Banking Business and Note Issue Department, including substantial amounts allocated from current earnings.