MNB international reserves fall on swaps related to FX mortgage phase out
The National Bank of Hungaryʼs (MNB) International Reserves stood at €34.760 bln at the end of June, down €2.388 bln from the end of the previous month, according to fresh data from MNB.
The MNB noted that €1.4 bln of the big decline can be explained by swap contracts related to the phase out of retail FX mortgage loans falling due or being closed before expiry with resident credit institutions.
The activity of the Government Debt Management Agency (ÁKK) added a further €300 mln to the decrease and the sale of foreign exchange to the Hungarian Development Bank (MFB) linked to the purchase of Budapest Bank, accounted for €600 mln of the drop, the central bank said.
The state acquired Budapest Bank at the end of June for $700 mln.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.