Estonia Jan reserves down amid rules change

Estonia's central bank said on Feb. 7 its gold and foreign currency reserves dropped 14.4 percent in January 2001 from December 2000 as new regulations easing the use of commercial banks' mandatory reserves went into effect. The central bank said in a statement the reserves fell to $788.7 million at the end of January from $920.8 million at the end of December and it expected the new rules to lead to a further easing of its reserves in future.

As of January 1, 2001, credit institutions can hol