Reserve Bank of Australia Annual Report – 1976 Financial Statements Note 2 Gold and foreign exchange

This comprises gold, special drawing rights and foreign exchange holdings.

Gold is valued at the IMF official price in special drawing rights (currently SDR 35 per fine ounce) converted to Australian currency equivalent at current market rates of exchange; at June 1975 gold had been valued at the Bank's then-current buying price of $32.25 per fine ounce.

Based on prices quoted in the London gold market of around US$124 ($A100) per fine ounce, the Bank's holdings of gold had a value at 30 June 1976 of around $740 million, some $500 million above their book valuation.

Marketable securities are included at current market values. Where applicable, values for other investments include accrued interest.

Special drawing rights and all foreign currency amounts are converted at current market rates of exchange.