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Hungary's international reserves up in June

Hungary's international reserves stood at €26.950 billion at the end of June, up €288 million from a month earlier, preliminary National Bank of Hungary (MNB) figures published on Tuesday show.

The reserves were up 2.910 billion from the end of December 2008 and rose €9.660 billion from a year earlier.

In dollar terms, Hungary's international reserves stood at USD37.988 billion at the end of June, up from USD 33.874 billion at the end of December and USD 27.365 billion at the end of June 2008.

Hungary has been financing the bulk of its fiscal deficit as well as expiring debt from a €20 billion international credit line approved by the IMF, EU and the World Bank last November.

Hungary called down €14 billion of the International Monetary Fund's €20 billion loan by the end of June, spent €8 billion of that and placed the remaining €6 billion in reserves. Hungary called down a €1.43 billion tranche from the package in June, which pushed foreign currency assets up €1.394 billion. Other assets within international reserves fell 1.102 billion for the month.

International reserves rose €9.146 billion between the end of October 2008 and June 2009.

The redemption of a ¥50 million five-year Samurai bond was due in June, portfolio.hu noted on Tuesday, calculating a repayment obligation of some €370 million for the bond.  (MTI-Econews)