Hungarys international reserves rise to all-time high
Monday, July 18, 2005, 00:00
Hungary's foreign currency reserves grew by Euro 511 million in July to Euro 14.692 billion from Euro 14.180 billion at the end of June, according to preliminary data released by the National Bank of Hungary (MNB) on Friday.
The July level of reserves exceeds the previous historic high of January 2003 by Euro 492 million, when the central bank bought euro massively to fend off attacks on the forint.
From December 2004, there was a leap of Euro 2.99 billion and reserves from last July were up by Euro 3.94 billion.
The MNB has issued Euro 3.5 billion worth of euro-, dollar-, pound- and yen-denominated bonds this year - USD 1.5 billion in January, Euro 1 billion in February, GBP 500 million in April and JPY 1.75 billion at the end of June.