You are provided with the following information about a country's international transactions during a given year (in millions):

Service exports $346

Service imports $354

Merchandise exports $480

Merchandise imports $348

Income flows, net $153

Gift to foreigners $142

Increase in country's holding of foreign assets, net (excluding official reserves assets) $352

Increase in foreign holding of country's assets, net (excluding official reserves assets) $252

Statistical discrepancy, net credit $154

Calculate the official settlements balance and the current account balance. Is the country increasing or decreasing its net holdings of official reserve assets? Why?Show your calculations and reasoning!