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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Wizz Air applies for UK license as it prepares for Brexit turbulence

Hungary-based no-frills airline Wizz Air has set up subsidiary in the United Kingdom and is considering acquiring an air operators certificate (AOC) in preparation for possible negative impacts ... more

Hungarian retail investors continue to pile into domestic government bonds

The stock of government bonds held by households rose by HUF154bn (€500mn) September to an all-time high of HUF6.5 trillion, Hungary’s Government Debt Management Agency (AKK) said on October 16. ... more

Hungary to issue euro bonds after six years

Hungary’s Government Debt Management Agency AKK announced on September 26 that it plans to issue 10-year Eurobonds to refinance high-interest dollar bonds maturing soon. The agency mandated BNP ... more

Most Read

  1. KRUK REPORT: Is Ukraine changing its Donbas policies?
    6 days ago
  2. Poland rises, Croatia surprises on CEE Fast 50
    2 days ago
  3. MOSCOW BLOG: Russia’s import substitution has not been a great success
    9 days ago
  4. Russia's trade with China up 22% to $61bn
    3 days ago
  5. Putin aide: Bringing Azerbaijan under Kremlin's influence would solve Nagorno-Karabakh conflict
    3 days ago
  1. STOLYPIN: Russia balances wargames with mindgames in Zapad exercises
    29 days ago
  2. Russia to bring in record breaking harvest of 127mn tonnes
    20 days ago
  3. Investors ask which Russian bank domino will be the next to topple
    26 days ago
  4. Eastern Europe’s blockchain revolution
    14 days ago
  5. INTERVIEW: de Villepin says Ukraine should declare itself neutral
    11 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss