BALANCE OF PAYMENTS

($ MILLION)

     C.CURRENT ACCOUNTS            1993         JAN.-FEB.       JAN.-FEB.    
                                                   1994           1995       

1.Merchandise Exports (FOB)   15.610          2568           3155            

Exports FOB in Trade Returns  15.344          2506           3101            

Transit Trade                 266             626            54              

2.Merchandise Imports (FOB)   -29.772         -3806          -4215           

Imports Cif in Trade Returns  -29.429         -3906          -4382           

Imports of Nonmonetary Gold   -1.881          -80            -48             

Transit Trade                 -229            -54            -47             

Freight and Insurance on      -1767           234            262             
Imports                                                                      

Trade Balance                 -14.162         -1238          -1060           

Other Goods, Services and     11843           1292           1809            
Income (CREDIT)                                                              

Travel                        3.959           270            312             

Interest                      1.135           144            204             

Other                         6.749           878            1293            

Total Goods, Services and     -7.829          -1101          -1244           
Income (DEBIT)                                                               

Travel                        -9.34           -107           -111            

Interest                      -3.461          -509           -539            

Other                         -3.434          -485           -594            

Total Goods, Services and     -10.148         -1047          -495            
Income                                                                       

Private Unrequited Transfers  3.035           327            519             
(CREDIT)                                                                     

Migrants Transfers            0               0              0               

Workers Remittances           2.919           310            490             

Other                         116             17             29              

Private Unrequited Transfers  0               0              0               
(DEBIT)                                                                      

Offical Unrequited Transfers  733             49             558             

Workers Remittances           44              6              9               

Other                         689             43             549             

Current Account Balance       -6.380          -671           582             

B.Capital, Excluding          8.963           -236           2014            
Reserves                                                                     

Direct Investment             622             40             70              

Portfolio Investment          3.917           396            1               

Other Long-Term Capital       1.370           92             -112            

Drawings                      4.857           467            346             

Repayment                     -4.412          -613           -750            

Dresdner                      925             238            292             

Short-Term Capital            3.054           -764           2055            

Assets                        -3.291          1774           1220            

Liabilities                   6.345           -2538          835             

C.Net Errors and Omission     -2.275          -887           816             

D.Exceptional Financing       0               0              0               

E.Counterpart Items           0               0              0               

TOTAL:Overall Balance         308             -1794          3412            

F.Total Change In Reserves    -308            1794           -3412           

IMF                           0               0              0               

Official Reserves             -308            1794           -3412