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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