At 30 September, 1996, the Central Bank’s gross foreign reserves stood at US$507.8 million. This was US$20.7 million less than the total at the end of December 1995. The reduction was due to external debt repayments made in advance on the instructions of the President, and the increase in the international price of petroleum. The net foreign reserves, measured by normal international standards, stood at US$127.6 million, a figure that reflects an improvement of US$22.4 million against that of December 1995.