- 3-
Net foreign currency forward transactions outstanding at the end of September amounted to US$6.7 billion. This relatively high figure is due to swap transactions during the third quarter to meet market intervention needs and seasonal drawdowns of fiscal reserves from the Exchange Fund by the Government.
If such forward transactions were excluded in the computation, the amount of foreign currency assets in the Exchange Fund at the end of September 1996 would stand at US$55.4 billion. This is the same level as that recorded at the end of December 1995 but 3.3% less than that at the end of June 1996, reflecting seasonal drawdowns of fiscal reserves.
Exchange Fund Foreign Currency Assets
(US$ bn)
Including
Excluding forward
End of:
transactions
Net forward
transactions
forward transactions
March 95
52.4
(0.2)
52.2
June 95
53.6
53.6
September 95
51.8
2.8
54.6
December 95
55.4
1.8
57.2
March 96
58.1
1.7
59.8
June 96
57.3
2.7
60.0
September 96
55.4
6.7
62.1
End