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Hungary's international reserves rise €1.876 bln on bond issue in March

Hungary's international reserves stood at €35.692 billion at the end of March 2011, up €1.876 billion from a month earlier, preliminary National Bank of Hungary (MNB) figures published on Thursday show.

The reserves were boosted by a $3.75 billion bond issue carried out late March, worth about €2.65 billion on the then-prevailing exchange rate.

The reserves rose €2.017 billion from the end of December and were up €1.840 billion from the end of March 2010.

The March rise came after a €200 million increase in February rise, a slight drop in January and a combined €316 million increase in the previous two months. In euro terms, the central bank international reserves reached an all-time high at €35.272 billion at the end of August 2010 before dropping more than €1.9 billion by the end of October, partly due to the redemption of a €1 billion foreign bond in September.

In dollar terms, Hungary's international reserves rose $3.997 billion a little over the incoming proceeds of the $bond, in March, and reached $50.734 billion at the end of the month. Dollar-term reserves at the end of March were €5.746 billion higher than at the end of 2010 and were up $5.193 billion in one year.