BUSINESS BYTES

Foreign currency reserves declined since the beginning of 1996

Total foreign currency reserves of the banking sector were $4.790 billion, of which $3.503 billion were reserves of the National Bank of Slovakia (NBS) and $1.287 billion were the reserves of commercial banks. Total foreign currency reserves have declined since the beginning of 1996 by $210 million. According to the NBS, the decline was due to a negative development in the balance of payments, and partially due to changes in the exchange rate, mainly a weakening of the Deutsche mark.

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