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MNB int’l reserves rise EUR 149 mln in November

International reserves of the National Bank of Hungary (MNB)  stood at EUR 25.15 billion at the end of November 2016, up EUR 149 million from the end of the previous month, preliminary data released today show, according to Hungarian news agency MTI. Reserves were down EUR 5.172 bln from the end of 2015.

In November, foreign currency reserves were up EUR 121.3 mln from the previous month, while other reserves showed an increase of EUR 29.2 mln. 

Monetary gold reserves stood at EUR 110 mln, reserve positions at the International Monetary Fund at EUR 380 mln, and the value of SDRs at the IMF at EUR 15 mln.

Reserves rose despite a mismatch in maturing and allocated EUR/HUF FX swap tenders of the MNB in November, which reduced FX reserves by EUR 170 mln.

November was only the third month since the start of the year that international reserves rose.

The MNB has made reducing reserves a matter of policy, parallel with a decline in Hungaryʼs short-term external debt. Measures shifting 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.