MNB intʼl reserves up EUR 333 mln in October

Photo by Jessica Fejos

International reserves of the National Bank of Hungary (MNB) stood at EUR 22.559 billion at the end of October, up EUR 333 million from the end of the previous month, but down EUR 1.825 bln from the end of 2016, preliminary data released Tuesday show, according to state news wire MTI.

Reserves rose for the second time this year, following the previous increase in February.

One factor lifting the reserves could be the active use in October of the MNBʼs EUR/HUF FX swaps, which the central bank introduced a year ago as a “fine-tuning instrument” for market liquidity. The stock of the swaps rose by the equivalent of about EUR 1 bln during the month, MTI-Econews calculated.

The issue of a ten-year EUR 1 bln eurobond early in October is unlikely to have raised the reserves as the proceeds were used to buy back USD 1.2 bln of high-interest dollar bonds with short maturities.

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