Hungary's international reserves up 1.1% m/m in May 2012.

By bne IntelliNews June 8, 2012
Hungarys international reserves increased up by 1.1% on the month to EUR 35.56bn as of end-May 2012, central bank preliminary data showed. As in the previous month, the improvement in May was exclusively on account of other reserve assets, which refers to financial derivatives and foreign non-bank lending. They increased by 19.7% m/m to EUR 3.8bn. The latter offset a 0.7% m/m decline in foreign currency reserves to EUR 30.98bn. In annual comparison, international reserves declined by 5.5%, pushed down by a 7.5% y/y drop in foreign currency reserves. International reserves dropped by 5.9% ytd at end-May 2012 (or by EUR 2.2bn). This could be attributed to the central banks euro sales to banks at the total amount of EUR 1.62bn in Q1 2012, aiming to cover the banks FX liquidity needs as well as a EUR 600mn repayment on a loan Hungary received from the IMF back in 2008.

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