Varga says MNB reserves in line with requirements
The National Bank of Hungary's international reserves are in line with requirements at current levelsThe National Bank of Hungary's international reserves are in line with requirements at current levels, National Economy Minister Mihály Varga said in a written response to a question by an opposition MP. The current level of international reserves “appropriately ensures the Hungarian economy's external stability,” Varga said in the response published on the website of Parliament. He noted that the central bank act prohibits the use of the international reserves to reduce state debt. Varga said the MNB's international reserves stood at € 34.4 billion at the end of 2012, enough to cover five and a half months of imports and 1.7 times more than Hungary's short-term external debt. The international reserves “should be sufficient to ensure market confidence,” as they do now, he added.
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