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International reserves down €33.788 billion in February

MNB

Hungary’s international reserves stood at €33.788 billion at the end of February, dropping €324 million from a month earlier, preliminary data published by the National Bank of Hungary (MNB) on Friday show.

The reserves were just €5 million higher than at the end of 2013, and down €2.109 billion from a year earlier.

There was no forex-based government bond issue or redemption in February.

Reserves rose €330 million in January despite redemption of a €1 billion government bond on January 29.

The big twelve-month drop came from a high base, boosted by the issue of $3.25 billion in government bonds in February 2013.

Last year, the international reserves rose to nearly €36 billion between February and May before dipping under €31 billion on the advance repayment of the remainder of Hungary’s 2008 IMF loan in August-September. They ended the year at €33.8 billion, practically the same as the level at the end of 2012.

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