Are you sure?

Hungary's international reserves rise €1.165 bln

Hungary's international reserves stood at €24.04 billion at the end of December 2008, rising €1.165 billion in a month, preliminary Central Bank (MNB) figures show.

In December, Hungary called down the first €2 billion tranche of a €6.5 billion loan from the EU. The loan is part of a €20 billion financial support package which includes €12.3 billion from the International Monetary Fund and $1.3 billion from the World Bank.

International reserves rose €5.072 billion in November, mainly because Hungary called down the first $4.22 billion, or €4.9 billion, tranche of the loan from the IMF.

Finance Minister János Veres told a parliamentary committee at the end of 2008 that €1 billion of the EU loan would be used to finance the general government deficit in 2009 and the rest would be added to the MNB's international reserves.

The reserves jumped to 23.6% of Hungary's projected HUF 27,000 billion GDP at the end of December 2008, from 22.2% a month earlier.

International reserves rose €7.655 billion in a year from the end of December 2007.

In dollar terms, Hungary's international reserves stood at $33.874 billion at the end of last year, up from $29.432 billion a month earlier. In dollar terms, international reserves increased from $24.050 billion at the end of 2007. (MTI – Econews)