EU transfers raise MNB reserves by EUR 1.2 bln in Q3

MNB

Net transfers from the European Union remained the main item raising the National Bank of Hungary's (MNB) international reserves, adding nearly EUR 1.2 bln in the third quarter, the central bank's interim report published on its website on Thursday shows. 

Net inflow of EU funds came close to EUR 4.1 bln in the first three quarters, cashflow-based reserves data in the report show. Calculated from monthly accrual-based preliminary MNB data, net transfers from the EU slightly exceeded EUR 1.5 bln in Q3 and came to about EUR 3.5 bln in the first three quarters.

Hungary's reserves still dropped EUR 400 mln in the third quarter due to a EUR 1 bln bond repayment in July and to EUR 300 mln of net FX spending by ministries and other budgetary organisations with accounts held by the State Treasury, the interim report shows. Transactions of Hungary's Government Debt Management Agency (ÁKK) reduced the reserves by about EUR 1.4 bln in Q3 according to the MNB report. Yields on the reserves reached EUR 60 mln in the third quarter. The MNB international reserves stood at EUR 35.7 bln at the end of September.

 

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