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ECONOMIC BRIEFS

Forex reserves fall to $7.0442 billion

Slovakia's total foreign exchange reserves dropped by $9.6 million to $7.0442 billion between November 11 and November 18, reported the central bank on November 20. The decline was due mostly to a $50.3 million fall in the exchange reserves of commercial banks to $4.0924 billion.

Slovakia's total foreign exchange reserves reached a record high of $8.0078 billion on September 16, 1998. The growth was attributed to the pre-election expectations of banks and their clients, who kept payments from foreign countries on their foreign exchange accounts or converted Slovak crowns into foreign currencies.

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