Reserve Bank of Australia Annual Report – 1978 Financial Statements Note 8 Exchange valuation gains
| 1978 $'000 |
1977 $'000 |
|||
|---|---|---|---|---|
| Exchange valuation gain (loss) on holdings | ||||
| – Devaluation of Australian dollar November 1976 | – | 365,742 | ||
| – End of year valuation of holdings to market rates of exchange | 75,618 | (205,131) | ||
| 75,618 | 160,611 | |||
| Gain (loss) on deliveries of forward contracts | 52,573 | (74,244) | ||
| Net gain | 128,191 | 86,367 | ||
Outstanding forward exchange contracts with the Bank at 30 June 1978 would, if exchange rates ruling at that date were in effect at the time of delivery under the contracts, result in a net gain of some $4.7 million.