MNB international reserves fall €427 mln in August

MNB

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International reserves of the National Bank of Hungary (MNB)  stood at €24.13 bln at the end of August 2016, down €427 mln from the end of the previous month, preliminary data released Wednesday show.

Reserves are down €6.192 bln from the end of 2015. 

In August, foreign currency reserves were down €473.3 mln from the previous month, but other reserves showed an increase of €48.5 mln. 

Monetary gold reserves stood at €117 mln, reserve positions at the International Monetary Fund at €375 mln, and the value of SDRs at the IMF at €15 mln. 

Reducing the level of international reserves, in line with a decline in Hungaryʼs short-term external debt, has been the stated policy of the MNB.

Also supporting the reduction are measures that have shifted the financing of government debt to local banks and domestic retail investors, a declining share of FX state debt, and the expiry of FX swaps related to the conversion of retail FX loans into forints. 

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