Nongold Reserves Rose in 1996

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Page 78

Developing country nongold reserves increased by 16 percent in 1996 to SDR 536 billion ($742.3 billion) at the end of the year, while reserves of industrial countries rose to SDR 548.8 billion ($760.1 billion), according to data in the March issue of International Financial Statistics.

All of the developing country regions experienced increases in their nongold reserves in 1996. The Western Hemisphere region recorded the largest increase in reserves, to SDR 107.5 billion ($148.9 billion); within the region, Brazil and Mexico experienced the largest gains. African developing countries also experienced a large gain, to SDR 20.4 billion ($28.3 billion); within the region, reserve levels in both Algeria and Kenya more than doubled.

Among the industrial countries reporting data, Canada's reserves rose sharply to...