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Hungary's international reserves fall €275 mln in November

Hungary's international reserves stood at €14.175 billion at the end of November 2005, falling €275 million in a month after a €119 million decrease in October, according to preliminary figures published on the website of the National Bank of Hungary (MNB) on Wednesday. The central bank's international reserves rose €2.473 billion from the end of 2004 and were up €2.682 billion from the end of November 2004. International reserves have increased from their previous levels of between €10 billion and €10.8 billion since last October, reflecting a change in Hungary's government debt management strategy: the state now aims to finance part of the fiscal deficit through foreign issues in excess of foreign currency expiries.