Macedonia keeps foreign exchange reserves in foreign banks.
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|
|Date:||May 8, 2013|
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