FRENCH OFFICIAL RESERVES FALL SHARPLY IN JANUARY French official reserves fell 45.06 billion francs to 375.95 billion at the end of January from 421.00 billion at the end of December, the Finance Ministry said in a statement. It said the fall was largely due to sales of foreign currency that preceded the January 11 realignment of the European Monetary System (EMS). Foreign currency reserves fell by 8.91 billion francs during the month, the ministry said. This reflected outflows of 10.26 billion francs through operations of the French exchange stabilisation fund, counterbalanced by a gain of 1.35 billion francs resulting from the quarterly adjustment in the value of dollar deposits held with the European Monetary Cooperation Fund (FECOM). But most of the decline reflected a 33.90 billion franc deficit that France built up during the month with FECOM as a result of using very short-term financing instruments. The Bank of France, in conjunction with the Bundesbank and other central banks, intervened heavily in foreign exchange markets between late December and the January 11 EMS accord, in an attempt to hold down the mark, which was attracting a flight of funds from the dollar, and simultaneously shore up the franc. On January 11, the mark was revalued by three pct against the French franc, relieving pressure on the French currency. The fall in foreign exchange reserves took these reserves to 98.83 billion francs at the end of January from 107.74 billion at end December. Gold reserves were unchanged at 218.45 billion francs. Reserves of European Currency Units fell to 73.25 billion francs from 75.27 billion at end December. Claims on the International Monetary Fund fell 219 mln francs to 19.31 billion francs.