Hungary's international reserves drop 9.4% m/m in Aug on IMF loan repayment.

By bne IntelliNews September 9, 2013

Hungary’s international reserves stood at EUR 30.55bn as of end-August 2013, decreasing by 9.4%, or EUR 3.2bn on the month, central bank preliminary data showed.

The drop came as foreign currency reserves fell by 9.1% m/m to EUR 29.8bnm due to the early repayment of a loan that Hungary received from the IMF in 2008. In particular, the government replayed EUR 2.2bn on August 12. The payment was made in three currencies: USD 1.7bn, EUR 570mn and GBP 255mn. The central bank repaid on August 6 the final instalment of EUR 721mn.

At the same time, the stock of SDRs shrank by 96.4% m/m to EUR 8mn at end-August. The stock of the remaining components of Hungary’s foreign reserves changed only marginally in the month.

In annual comparison, the international reserves fell by 13.3% as end-August 2013, pushed down by a 83.5% y/y decline in other reserve assets, a 4.3% y/y decline in foreign currency reserves and a 98.5% y/y decrease in SDRs.

With the repayment of IMF loan, no big expires are scheduled by end-2013.

Related Articles

Hungarian opposition parties seek explanation for secret admission of asylum seekers

Despite its all-out attacks on the EU’s refugee quotas, Viktor Orban's government secretly gave permission for the admission of the same number of asylum seekers to the country in 2017 as ... more

Hungarian president sets date for parliamentary election

President Janos Ader has set April 8 as the date of Hungary's general election, it was announced on January 11. This is the earliest possible Sunday that the ballot can be held under the law. The ... more

Hungarian government backtracks from collecting fines from opposition parties before election

The Economy Ministry on January 10 asked the tax authority to delay collecting fines from opposition parties imposed by the state auditor ASZ to ensure that their pre-election budgets and campaign ... more