The net reserves of the Central Bank have improved and at the end of September stood at US$372.9 million ? the highest level since May 2003 when the banking crisis began. At the turn of government, the reserve level was US$352.2 million, considerably up from the US$114.2 million level of January 2004. The gross reserves increased to US$800.8 million, while the solvency level of commercial banking was beyond the 10% required by the monetary and financial code, reaching a level of 11.9% in June 2004, as reported in Diario Libre.