The MNB has made reducing the reserves a matter of policy, parallel with a decline in Hungaryʼs short-term external debt. Measures that have shifted the financing of government debt to local banks and domestic retail investors, as well as a declining share of FX state debt, also support the reduction.
On October 24, Hungary booked the transfer of HUF 176.5 bln in European Union funding earlier suspended because of a dispute with Brussels over the conditions for bidding in road tenders.
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