exchange reserve

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This pressure periodically provoked crises as the exchange reserves were depleted, necessitating short-term constraints on domestic economic policy.
Of the fifty-one nations on a gold standard between 1919 and 1937, thirty-two adopted the gold-exchange standard,28 and others built up foreign exchange reserves.
The use of national currencies as foreign exchange reserves was clearly unsustainable in this environment.
Reciprocal accounts were less important once foreign exchange reserves were liquidated, and co-operative effort was no longer necessary to protect sterling.
High unemployment rates, the depreciated baht, loss of foreign exchange reserves and capital flight led to a good measure of despair.
Disinflation remained the major goal, but external balance and the level of foreign exchange reserves increased their importance as policy constraints.
This was mainly due to an almost continuous balance-of-payments deficit, which eroded both the foreign exchange reserves and confidence in the currency.
Foreign exchange reserves were historically high at $18 billion but the deficits of recent years had left overseas debts totalling $25 billion.
As the wartime debts were run down and replaced by foreign exchange reserves, the sterling balances 'problem' came to re-ect sterling's role as an international reserve asset during the 1950s.
That influenced beneficially both the appreciation pressures on the zloty and foreign exchange reserves growth with the latter stabilizing at a comfortable level in mid-1996.
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