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 branch of Bucharest listed Digi to buy Invitel Tavkozlesi in €140mn deal

Bucharest listed Digi Communications announced on July 21 that its Hungarian subsidiary, Digi Tavkozlesi es Szolgaltato, has signed an agreement to acquire Hungarian broadband and telephone provider ... more

Czech judiciary denounces Poland's move to end separation of powers

Senior Czech judges on July 21 denounced Poland's judicial overhaul as an attack on the rule of law. With big street protests in the Czech Republic's neighbour seemingly gathering momentum – 120 ... more

Hungary's MOL strikes licensing deals essential to $1.9bn petrochemical expansion ambitions

Hungary's MOL announced on July 20 that it has struck licensing deals with Germany's Evonik Industries and Thyssenkrupp that will be essential in its plan to roll out a $1.9bn investment in ... more

Dismiss