FRENCH OFFICIAL RESERVES RISE IN MAY
French official reserves rose 258 mln
francs in May to 420.50 billion francs from 420.24 billion at
the end of April, the Finance Ministry said.
    The slight rise partly reflected the repayment last month
of France's outstanding 11.95 billion francs of debt owed to
the European Monetary Cooperation Fund (FECOM).
    It also reflected a negative 314 mln franc position with
France's Exchange Stabilisation Fund after intervention
purchases of 10.6 billion francs during May.
    Foreign currency holdings fell 7.28 billion francs to
124.58 billion while ECU holdings fell by 5.55 billion francs
to 58.52 billion due to the repayment of part of France's debt
owed to the FECOM and Stabilisation Fund operations, the
ministry said.
    Claims on the IMF rose 1.14 billion francs to 18.97
billion, including a 385 mln franc increase in France's reserve
position with the IMF and a 751 mln franc rise in holdings of
Special Drawing Rights.
    Gold holdings were unchanged at 218.46 billion francs.
 REUTER
