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Macedonia keeps foreign exchange reserves in foreign banks.

In the first quarter of this year, Macedonia's foreign exchange reserves totaled 2.230 billion euros, according to the statistics of the National Bank of Macedonia. The share of securities of that amount stood at 1.8 billion euros, monetary gold accounted for approximately 273 million euros, cash and deposits 154 million euros and special drawing rights 1.9 million euros.

Because of the eurozone uncertainty, the increased risk and the diminished expectations of economic recovery, the National Bank keeps most of the country's foreign exchange deposits in countries to which international rating agencies have assigned the highest credit ratings, the National Bank said. According to the National Bank, first are the most powerful European economies - Germany, France and the Netherlands - where 58 percent of the Macedonian foreign exchange reserves are kept, while 13 perent of them are kept in Great Britain and the USA.

Since early 2012, most of Macedonia's monetary gold has been kept in the Bank of England. A portion of the monetary gold, since the second half of 2012 is invested in short-term deposits with foreign commercial banks.
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Title Annotation:BUSINESS NEWS
Publication:INFOMAC Daily News Service
Geographic Code:4EXMA
Date:May 8, 2013
Words:182
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