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
Glass wool production restarts in Hungary after 16-year hiatus
Glass wool manufacturing has resumed in Hungary after a 16-year break, as the first trial products rolled off the production line at a new thermal insulation plant built in northeastern Hungary ... more
Referendum finds 95% of Hungarians oppose Ukraine's EU accession - Orban
Hungarian Prime Minister Viktor Orban has declared that an overwhelming majority of Hungarians oppose Ukraine’s accession to the European Union, citing the results of a national referendum ahead of ... more