The international reserves of the National Bank of Hungary (MNB) rose sharply in the third quarter because of big net EU transfers, a European Investment Bank (EIB) loan and the sale of some assets earlier transferred to the state from private pension funds, the MNB said in its quarterly report published on Friday.

The reserves rose by €1.8bn in the quarter despite the €1.88bn spent by the government on the purchase of a 21.2% stake in Hungarian oil and gas company MOL in July and the fact there were no foreign bond issues in the period.

The reserves rose to €38.8bn, a new record, at the end of September.