New methodology of foreign exchange reserves reporting by Narodna banka Slovenska after 1 January 2009

In connection with the entry to the euro area, Národná banka Slovenska amends the methodology of foreign exchange reserves reporting by the NBS. The said amendment is connected with the ECB statistical requirements vis-à-vis the ESCB in the area of balance of payment and foreign exchange reserves.

From 1 January 2009 only foreign assets in foreign currency (i.e. other than the euro) vis-à-vis non-residents in the euro area will be considered the foreign exchange reserves of the NBS. When compared with the foreign exchange reserves methodology applied before the entry to the euro area, with respect to the current high level of assets denominated in euro so far, it will be a considerable decrease in the volume of foreign exchange reserves. The structure of the NBS foreign exchange reserves related to their division into foreign exchange (deposits and securities), gold, SDR holdings and a reserve position in the MMF remains unchanged.

At the same time, this methodical change will influence also the structure of the financial account of balance of payment and the international investment position where the individual financial tools, so far considered as foreign exchange reserves, will be moved into relevant financial account entries.

NBS foreign exchange reserves will be published from now on once a week in advance, i.e. as it was published so far (normally on Friday), on the NBS website. The NBS foreign exchange reserves with regard to the reference period in 2009 will be reported in USD and later on in EUR.

Jana Kováčová
Spokesperson of the NBS

National Bank of Slovakia
Communications Section
Imricha Karvasa 1, 813 25 Bratislava, Slovak Republic
Tel.: +421-2-5787 2161,+421-2-5865 2161, +421-2-5787 2166, 421-2-5865 2166
Internet: http://www.nbs.sk

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