Foreign reserves have fallen perilously low, reflecting the drop in commodity export prices, the closure of alumina production, fiscal and external current account deficits, and central bank intervention. The authorities began adjusting to the shock in the second half of 2015 with fiscal consolidation and, in November, a 21 percent devaluation. They floated the currency in March 2016, which has resulted in a further depreciation of about 60 percent. The authorities have requested a Stand-By Arrangement (SBA) with the Fund to smooth the ongoing adjustment, restore confidence, and pave the way to economic recovery.