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Hungary's international reserves drop €221m

Hungary's international reserves stood at €26.666 billion at the end of May, down €221m from a month earlier, preliminary National Bank of Hungary (NBH) figures published on Friday show.

The reserves were up 2.622 billion from the end of December 2008 and rose €9.778 billion from a year earlier.

In dollar terms, Hungary's international reserves rose $1.526 billion last month to $37.385 billion at the end of May. In USD terms, the reserves were $3.510 billion higher than at the end of December and rose $11.241 billion from the end of May 2008.

Hungary has been financing the bulk of its fiscal deficit as well as expiring debt from a €20 billion international credit line approved by the IMF, EU and the World Bank last November.

By the end of April Hungary has called down €11.3 billion from the international credit line. The reserves rose €8.858 billion between the end of October 2008 and May 2009. (MTI-ECONEWS)