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To: banco$ who wrote (25475)	1/5/1999 10:46:00 PM
From: Alex	Respond to of 116958

1/05/99 - Reserves at 11 euro nations 227.4 bil. euros <Picture> LONDON, Jan. 6 (Kyodo) -- The European Central Bank (ECB) said Tuesday it and 11 euro area central banks held 227.4 billion euros in net foreign currency reserves on Jan. 1. The reserves consisted of 237.0 billion euros in assets and 9.6 billion euros in liabilities, it said. The reserves are made up of non-euro area currencies, since euro area foreign currency positions held on Dec. 31 were transformed automatically into domestic positions, the ECB said in the first of its weekly financial statements, to be published each Tuesday for the week ending the previous Friday. In addition to foreign currency reserves, the ECB and the 11 euro area central banks had 99.6 billion euros in gold, the ECB said. The ECB said 341.7 billion euros in euro area banknotes were in circulation as of Jan. 1. It expects the amount to increase during the coming weeks due to seasonal demand. The 11 countries that adopted the euro, Europe"s single currency, are Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. The ECB, based in Frankfurt, is the central bank of the 15-member European Union.