Average deposits of the central government at the National Bank of Hungary (MNB) rose HUF 255bn in September mainly on the inflow of European Commission funding, similar to a HUF 215bn rise in August, the MNB said when publishing its preliminary statistical balance sheet on Monday.
The EU transfers were the main factor behind a HUF 695bn rise in the MNB’s average foreign assets, the bank said. The rise followed a HUF 510bn increase in August. The forint value of foreign assets was also boosted by the weakening of the forint.
The increases followed a HUF 529bn drop in the central government’s average deposit and a HUF 542bn drop in average central bank’s external assets in July, both depleted by the government’s purchase of a 21.2pc stake in Hungarian oil and gas company MOL for €1.88bn.
Central government deposits averaged HUF 1,902bn in September 2011, up HUF 903bn from the end of last December, and up HUF 555bn in one year.
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