MNB international reserves fall only €146 mln in July

MNB

Image by Jessica Fejos

The National Bank of Hungaryʼs (MNB) international reserves stood at €34.615 bln at the end of July, just €146 mln down from HUF 34.761 bln at the end of the previous month, fresh data show.

The international reserves have fallen €3.616 bln since the beginning of this year, dropping just €610 mln from the end of July last year. The biggest annual fall - at €2.387 bln - took place in June. The MNB then attributed almost €1.4 bln of the decrease to the expiry or early closure of swap transactions related to the forint conversion of foreign currency mortgage loans. Items related to the management of the government debt amounted to €300 mln in June. Furthermore, also in June, the state-owned development bank MFB bought foreign currency worth €600 mln from the MNB for the purchase of Budapest Bank.

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