Taiwan, for example, is growing increasingly embarrassed by its official foreign-exchange reserves.

As of April 22, Russia's foreign-exchange reserves were $141.3 billion.

"Maybe their foreign-exchange reserves are even lower than my computer model suggests."

And there is renewed concern over the relatively low level of South Africa's foreign-exchange reserves.

The trade surplus last year reached a record $43.6 billion, while foreign-exchange reserves are still at a robust $145 billion.

At current rates of depletion, we estimate Iraq will have nearly depleted its available foreign-exchange reserves by next spring.

Hong Kong has huge foreign-exchange reserves, solid banks and the most stable currency in the region.

In a strict sense, foreign-exchange reserves should only include foreign currency deposits and bonds.

The foreign debt stands near $4 billion; foreign-exchange reserves cover less than one month of imports.

What seems to emerge is that Iraq's foreign-exchange reserves, which amounted to $20 billion in 1980, had reached $30 billion the following year.