Reserves were €767 million higher than at the end of last year and stood €446 million up from February 2006. Hungary’s international reserves fluctuated between €16.2 billion and €17 billion for most of 2006, with the exception of a brief jump in March to €17.829 billion, following a ¥50 billion bond issue and a £500 million bond issue. In dollar terms, Hungary’s international reserves jumped $1.622 billion to $22.634 billion in February for the first time over the $22 billion mark. After a fall in January, international reserves were up $1.045 billion from the end of last year and it was $2.782 billion more than at the end of February 2006.
Hungary’s government froze Ft 30 billion ($156 million) of its budget reserves and plans to draft a new tax to replace revenue lost when the country’s highest court struck down a tax on unprofitable companies. The government will make a decision on March 28 about the new tax proposal, which would take effect of July 1 if enacted, Finance Minister János Veres said at a press conference in Budapest today. The amount frozen today may be made available after November 30, if budget revenue until then exceeds targets, Veres said. (Bloomberg)
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