Hungary’s international reserves stood at €27.890 billion at the end of March, up €2.985 billion from the previous month, according to preliminary National Bank of Hungary (MNB) figures published on Tuesday.
The March increase includes a further €2.5 billion tranche from IMF loan called down last month. The reserves were up €11.074 billion from a year earlier. In dollar terms, Hungary’s international reserves stood at $37.013 billion at the end of last month, as against $31.549 billion from a month earlier and $16.815 in March 2008.
Hungary’s reserves have risen €10.86 billion since October 2008. Hungary called down the first, €4.9 billion, tranche of a €12.3 billion loan from the IMF in November and the first, €2 billion, tranche of a €6.5 billion loan from the EU in December.
Hungary had used up the first EU tranche by the end of February, spending €1 billion in 2008 and another €1 billion this year to finance the fiscal deficit and partly to pay off expiring debt.
The loans are part of a €20 billion financial support package Hungary received last autumn. The package also includes a €1 billion loan from the World Bank. (MTI-Econews)