MNB int'l reserves rise EUR 1.384 bln in December

MNB

International reserves of the National Bank of Hungary (MNB) stood at EUR 38.377 billion at the end of December, up EUR 1.384 bln from a month earlier, state news wire MTI reports, citing data released by the central bank

Cash, deposits, and securities in the reserves climbed EUR 1.296 bln to EUR 30.784 bln during the month.

Hungary made no issues of FX bonds on international markets during the month.

The international reserves were EUR 4.7 bln higher than at the end of 2020, lifted by a EUR 3.133 bln increase in gold reserves and a EUR 2.297 bln rise in SDRs. Cash, deposits, and securities fell EUR 973 million.

In the spring, MNB raised the country's gold reserves from 31.5 tonnes to 94.5 tonnes, "taking into account the country's long-term national and economic policy strategy objectives".

"The appearance of global spikes in government debts or inflation concerns further increase the importance of gold in national strategy as a safe-haven asset and as a store of value," MNB said at the time.

The measure gave Hungary the third-largest gold reserves in the CEE region, while its gold reserves per capita - at 0.31 ounce - became the highest in the region.

In August, the value of IMF special drawing rights (SDRs) in the international reserves jumped to EUR 2.24 bln from EUR 3 mln. The IMF board of governors approved a general allocation of SDRs equivalent to USD 650 bln on August 2, 2021, to boost global liquidity. The general allocation, made to IMF members participating in the SDR department in proportion to their existing quotas in the fund, became effective on August 23, 2021.

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