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MNB intʼl reserves fall EUR 767 mln in December

MNB

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International reserves of the National Bank of Hungary (MNB)  stood at EUR 24.384 billion at the end of December 2016, down EUR 766.8 million from the end of the previous month, preliminary data released today show, according to Hungarian news agency MTI. The reserves were down EUR 5.938 bln from the end of 2015.

In December, foreign currency reserves were down EUR 507.7 mln from the previous month, while other reserves showed a decrease of EUR 147.2 mln.

Monetary gold reserves stood at zero, down from EUR 110 mln, reserve positions at the International Monetary Fund were at EUR 379 mln, and the value of SDRs at the IMF at EUR 15 mln.

The MNB has made reducing the reserves a matter of policy, parallel with a decline in Hungaryʼs short-term external debt. Measures that have shifted the financing of government debt to local banks and domestic retail investors, as well as a declining share of FX state debt, also support the reduction.

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