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ECONOMIC BRIEFS

Forex reserves drop to the lowest level in six years

Foreign exchange reserves (FOREX) of the National Bank of Slovkia (NBS) dropped to US$2.78 billion, their lowest level in the country's six-year history, an NBS spokesman said on April 7. This represents a fall of US$140 million compared to December 31, 1998.

Commercial banks' foreign exchange reserves of $1.56 billion have been cut in half since the beginning of the year. But they have actually rebounded slightly since their "blackest" days in the second week of March, when they fell to $1.51 billion. Collectively, the banks had $4.25 billion in foreign exchange reserves at the beginning of April.

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