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Hungary's international reserves up to €30.35 bln

Hungary's international reserves stood at €30.353 billion at the end of August, up €943 billion from a month earlier, preliminary National Bank of Hungary (MNB) figures show.

The reserves were up €6.313 billion from the end of December 2008 and rose €13.043 billion from a year earlier.

In dollar terms, Hungary's international reserves stood at $43.373 billion at the end of August, up $1.933 billion from the end of December and $17.887 billion more than at the end of August 2008.

In August there were no drawdowns from an €20 billion financial support package from the IMF, EU and World Bank Hungary signed for in November (part of the drawdowns was used to finance Hungary's government and part boosted international reserves), nor were there any foreign bond expiries.

Hungary financed the bulk of its fiscal deficit as well as expiring government debt from the loan package until the end of April, but has gradually returned to market financing. It restarted regular government bond auctions after a six-month suspension late in April, and successfully issued a €1 billion five-year foreign bond in July.

In July, the MNB international reserves rose €2.46 billion, partly affected by the foreign bond issue and by a €1.5 billion tranche called down from the EU's part of the €20 billion financial support package. (MTI – Econews)