Consider a country that has a local currency known as the dollar and its money supply is $1,500 million, and its domestic credit is equal to $1,000 million in the year 2019. The country maintains a fixed exchange rate system, the central bank monetizes any government budget deficit, and prices are sticky.

1)Compute total reserves for the year 2019 in dollars. Illustrate this situation on a central bank balance sheet diagram (EX-MS-RA model).