Industrial Countries Reserves Decline

TOTAL international reserves of indus-trial countries declined to the equiva-lent of SDK 91.5 billion at the end of January 1974, from SDR 98.0 billion at the end (if October 1973. While it may be to*) early to attribute these re-serve losses substantially to the price increases lor oil imports, they do re-flect the growing weakness in the ba-lance ol payments ol a number ol im-portant industrial countries