The international reserves of Bank Negara Malaysia amounted to RM384.7 billion (equivalent to USD120.3 billion) as at 31 March 2008. The reserves level as at 31 March 2008 has taken into account the quarterly adjustment of the foreign exchange revaluation loss, following the strengthening of ringgit against the major currencies during the quarter. The reserves position is sufficient to finance 9.5 months of retained imports and is 7.1 times the short-term external debt.