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.

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