The reserves have risen over the HUF 38 bln threshold jU.S.t once before, in September 2011. The scale of the January increase is second only to a big rise after Hungary concluded a credit agreement with the International Monetary Fund (IMF) in November 2008. Then, the reserves rose by $5 bln to $22.876 bln.
The reserves rose by $2.4 bln following a U.S.D 3 bln dollar bond issue in March of last year. There was no FX bond issue in January, and the Government Debt Management Centre (ÁKK) plans no such issues for this year.
Although the MNB does not release any data concerning the composition of the international reserves, assets denominated in Swiss franc or U.S. dollar appreciated by 14.7pc and 7.4pc in euro terms, respectively, in January.
Analysts put the January increase in the foreign reserves down to the inflow of European Union funding and possibly to ÁKK’s sales of premium foreign currency government bonds and residency bonds.
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