MNB international reserves fall EUR 470 mln in September

MNB

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The international reserves of the National Bank of Hungary (MNB) stood at EUR 23.660 billion at the end of September 2016, down EUR 470.6 million from the end of the previous month, preliminary data released today shows, Hungarian news agency MTI reported. The reserves were down EUR 6.662 bln from the end of 2015.

In September, foreign currency reserves were down EUR 237.7 mln from the previous month and other reserves showed a decrease of EUR 232.7 mln. 

Monetary gold reserves stood at EUR 117 mln, reserve positions at the International Monetary Fund at EUR 374 mln and the value of SDRs at the IMF at EUR 15 mln.

Reducing the level of international reserves, in line with a decline in Hungary’s short-term external debt, has been the stated policy of the MNB. Measures that have shifted the financing of government debt to local banks and domestic retail investors, a declining share of FX state debt and the expiry of FX swaps related to the conversion of retail FX loans into forints also supported the reduction.

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