Hungary international reserves rise €1.4 bn in August
Hungary's international reserves stood at € 37.554 billion at the end of August, up €1.448 billion from a month earlier, preliminary data published by the National Bank of Hungary (NBH) on Wednesday show.
The rise followed a €897m drop in July when the Hungarian state paid €1.88 billion to Russian oil and gas company Surgutneftegas for a 21.2% stake in Hungarian peer MOL.
The data show a big, almost €1.2 rise in currency assets in August to 34.673 billion and a 330 million rise in "other reserve assets", which contain financial derivatives and loans to non-bank non-residents, to just over €2 billion.
The end-of August international reserves were up €3.88 billion from the end of 2010 and rose €2.282 billion in one year.
Hungary's international reserves reached an all-time high of €37.637 billion at the end of May this year, boosted by sovereign bond issues worth a combined €4 billion between March and May. The spring bond issues matched this year's foreign expiries, of which a €1 billion bond was repaid late June, cutting the reserves accordingly. Another €1 billion bond is due on October 28, and Hungary will start repaying its IMF-led international loan late autumn, with the first €2 billion installment due to the European Union in November.
In dollar terms, Hungary's international reserves stood at USD 54.242 billion at the end of August, up USD 2.698 billion from a month earlier, and up 9.254 billion from the end of last December, and up 9.51 billion in one year.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
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.