|
Central
Bank said yesterday that the country’s total foreign
reserves as at end November was at US$ 3.9 billion and
they are sufficient to finance 3.3 months of imports.
The disclosure was to correct what it described as some
incorrect data published in media hence “are grossly
misleading the public and business community.”
The Bank said the country’s total reserves as at
end November 2008 stood at US Dollars 3,914 million
which is sufficient to finance 3.3 months of imports.
“Country’s total external reserves include
gross official reserves held by the Central Bank and
government, and external reserves of domestic commercial
banks,” the Bank said.
As already published, the Gross official reserves as
at end November 2008 stood at US Dollars 2,608 million
which was sufficient to cover 2.2 months of imports.
“Despite the well known difference between country’s
total reserves and gross official reserves, some economic
analysts contributing their views to certain weekend
newspapers have mixed up those two reserve figures and
provided a misleading analysis on external reserves,
comparing country’s total reserves until end 2007
with gross official reserves at end November 2008,”
the Central Bank added.
|
