(a) What was the percentage increase in the foreign exchange reserves in 1997–98 over 1993–94?
- 1993-94 Reserves: $7,500 million
- 1997-98 Reserves: $12,900 million
- Percentage Increase:
Percentage Increase=(Reserves in 1997-98−Reserves in 1993-94Reserves in 1993-94)×100Percentage Increase=(Reserves in 1993-94Reserves in 1997-98−Reserves in 1993-94)×100
=(12,900−7,5007,500)×100≈72.00%=(7,50012,900−7,500)×100≈72.00%
(b) The foreign exchange reserves in 1996–97 were approximately what percent of the average foreign exchange reserves over the period under review (1991-92 to 1998-99)?
- 1996-97 Reserves: $12,200 million
- Average Reserves (1991-92 to 1998-99):
Average Reserves=3800+6700+7500+9200+11500+12200+12900+145008≈10,287.50 millionAverage Reserves=83800+6700+7500+9200+11500+12200+12900+14500≈10,287.50million
- Percentage of Average Reserves:
Percentage=(12,20010,287.50)×100≈118.60%Percentage=(10,287.5012,200)×100≈118.60%
(c) For which year is the percent increase in the foreign exchange reserve over the previous year the highest?
- Year with the Highest Increase: 1992-93
- Percentage Increase (1992-93 over 1991-92):
Percentage Increase=(6700−38003800)×100≈76.32%Percentage Increase=(38006700−3800)×100≈76.32%
Summary:
- (a) The percentage increase in 1997-98 over 1993-94 is approximately 72.00%.
- (b) The reserves in 1996-97 were approximately 118.60% of the average reserves over the period.
- (c) The year with the highest percent increase over the previous year is 1992-93, with an increase of 76.32%.
