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Hungary’s international reserves drop to €26.8 bln in April

  Hungary’s international reserves stood at €26.883 billion at the end of April, down €1.007 billion in a month, according to preliminary National Bank of Hungary (MNB) figures published on Thursday. A large, HUF 234 billion bond expiry could explain the bulk of the April drop.

Hungary has been using a €20 billion international credit line made available by the IMF, EU and the World Bank last November to finance the fiscal deficit and partly to pay off expiring debt.

By the end of last month Hungary has called down €11.3 billion from the credit line. The reserves were up €9.079 billion from the end of October.

The reserves were up €2.843 billion from the end of last December and rose €10.033 billion from a year earlier.

In dollar terms, Hungary’s international reserves stood at $35.859 billion at the end of last month. In USD terms, the reserves fell $1.154 billion from a month earlier but were $1.985 billion higher than at the end of December and rose $9.682 from the end of April 2008. (MTI-Econews)