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BASEL GOLD TO ENLARGE CROATIA'S CURRENCY RESERVES

ZAGREB, April 12 (Hina) - The assets worth some 132 million US dollars, which Croatia will receive on the basis of agreement on the division of the former Yugoslavia's (SFRY) assets deposited in the Basel-based Bank for the International Settlements (BIS), will be added to Croatia's currency reserves, the Croatian central bank's vice governors said on Thursday.
ZAGREB, April 12 (Hina) - The assets worth some 132 million US dollars, which Croatia will receive on the basis of agreement on the division of the former Yugoslavia's (SFRY) assets deposited in the Basel-based Bank for the International Settlements (BIS), will be added to Croatia's currency reserves, the Croatian central bank's vice governors said on Thursday.#L# A vice-governor, Tomislav Presecan, explained that members of the BIS are national banks and thus the assets deposited in the BIS would go into the foreign exchange reserves of concerned countries. Delegations of five countries-successors to the former Socialist Federal Republic of Yugoslavia (SFRY) on Wednesday initialled an agreement on the partition of the assets kept in the BIS. Under the agreement, the incumbent Yugoslavia (Serbia/Montenegro, or FRY) will get 36.5 percent of the assets in the BIS, Croatia 28.5 percent, Slovenia 16.4, Bosnia-Herzegovina 13.2, and Macedonia 5.4 percent. Consequently, Zagreb will receive $132-million-worth assets. Governors of the five countries-successors' central banks are responsible for the implementation the Brussels agreement. The decision on the division in accordance to the adopted key (proposed by the International Monetary Fund) is to be made by the BIS annual assembly, which will convene in June, said the other vice-governor of the Croatian National Bank (HNB), Relja Martic. Thus gold, foreign currencies and dividends allocated to Croatia will be transferred to the HNB's balance sheet, and will not be used for any kind of spending, Martic added. Consequently, the Croatian foreign exchange holdings will rise by some $132 million. At present they come to some $3.4 billion This year, the bank has planned to increase the currency reserves by some 270 million without the means which will be allocated according to the Brussels agreement. Presecen explained that the ex-Yugoslavia's assets in Basel consisted of four categories - gold (the largest part), some foreign currency deposits, about 8,000 shares and dividends realised by the BIS business operations. According to the rate and prices in the mid-November last year, the value of gold and foreign currencies of the former Yugoslavia was estimated to some 414 million dollars, whereas the value of shares and dividends at some 50 million. The gold will remain in the Basel bank, but Croatia is planning to sell its share in view of the continual fall in the gold price, Martic said. Asked about the practical use of the means, Presecen explained this property could be used for adequate loans in conducting monetary policies and maintaining the adequate exchange-rate policy. Presecen and Martic, who took part in the three-day-long round of negotiations in Brussels which ended yesterday, said the importance of the initialled paper lay in the fact that the five delegations had finally reached agreement on something for the first time. (hina) ms

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