Hungary international reserves drop €128 mln in March
Hungary's international reserves stood at €34.642 billion at the end of March, dropping €128 million from the end of February, preliminary data published by the National Bank of Hungary (MNB) on Friday show.
End-of-March reserves were down €3.132 billion from the end of December 2011 and dropped €1.05 billion from a year earlier.
No major foreign bond or loan repayments were due in March.
The main factors behind the sharp first-quarter drop of the reserves were a principal repayment worth more than €600 million on Hungary's late-2008 IMF/EU international package in February, and the MNB's euro sales to banks in relation to a government sponsored FX mortgage early repayment scheme, worth €1.62 billion in the period.
The MNB sold a total of €2.49 billion to banks to help them cover their fx liquidity needs related to the scheme operated between the end of last September and the end of February, of which €1.62 billion was sold in January-February.
In dollar terms, international reserves dropped $600 million in March to $46.208 billion at the end of last month.
Dollar-term reserves fell $2.623 billion from the end of December and were $4.526 billion lower than at the end of March 2011.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.