MNB external assets rose on EU transfers in April
The average stock of external assets and liabilities rose modestly in April while the higher average stock of two-week deposits reflected the increase of forint liquidity in the banking sector, the National Bank of Hungary (MNB) revealed in a preliminary report of its statistical balance today.
The average stock of external assets, including international reserves, rose a slight HUF 30 bln, while their end-of-month stock rose HUF 135 bln and HUF 24 bln, respectively, due to transactions and exchange rate losses. The increase in international reserves resulted from the transfers from the European Commission and the expiry of swap transactions providing foreign currency liquidity for credit institutions. On the other hand, the expiry of conditional swaps related to the settlement and forint conversion of household foreign currency loans and the close-out of unconditional swaps before expiry reduced international reserves, MNB reported.
The average stock of two-week deposits rose HUF 384 bln, as opposed to a HUF 149 bln fall in the average stock of overnight deposits of financial institutions placed at the central bank.
The HUF 510 bln average stock of the commercial banksʼ current account at the MNB exceeded the mandatory reserve requirement by only HUF 6.5 bln.
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