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Hungary international reserves drops slightly in January

Hungary's international reserves stood at € 33.616 billion at the end of January 2011, down € 59m in a month, preliminary National Bank of Hungary (NBH) figures published on Monday show.

The reserves rose more than € 1 billion from the end of January 2010.

The slight monthly drop came after a combined € 316m rise in the previous two months. The reserves dropped more than € 1.9 billion between August and October 2010, partly on the redemption of a € 1 billion foreign bond last September.

In euro terms, the central bank international reserves reached an all-time high at € 35.272 billion at the end of August 2010.

In dollar terms, Hungary's international reserves rose USD 877m in January to USD 45.865 billion at the end of last month. In dollar terms the reserves rose more than USD 1.5 billion in December 2010 after dropping USD 2.66 billion in November. Previously, except for a 2.7 billion drop last May and a similar-size increase in July, dollar-term reserves were fairly stable, fluctuating around USD 45 billion since last autumn.

Dollar-term reserves at the end of January were up USD 378m in one year. (Econews)