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.
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Assets of Hungarys investment funds up 3.2% m/m in Feb 2013.

Hungary's investment funds had aggregate assets of HUF 3.657tn (EUR 11.98bn) as of end-February 2013, up by 3.2% m/m, MTI news agency reported citing data from the association of investment funds ... more

Hungary's number of employees down 0.6% y/y in Jan 2013.

The number of employees in Hungary's public and private sectors fell for the tenth straight month in January 2013 declining by 0.6% y/y to 2.574mn, the statistics office informed. The decline ... more

Hungarys MVM clears deal for purchasing E.ONs local units.

The assembly of state-owned Hungarian Electricity Works (MVM) has approved the purchase of the local gas business of German power utility E.ON, Hungary AM reported, citing local daily Magyar ... more

Follow Us On

Most Read

  1. Russia’s Alrosa finds its largest diamond ever, as Mirny mining operations restart
    21 hours ago
  1. Armenia courts African countries to supply diamond industry
    17 days ago
  2. Russia’s Alrosa finds its largest diamond ever, as Mirny mining operations restart
    21 hours ago
  3. COMMENT: Embracing “Greater Central Asia” has become a strategic imperative for US
    11 days ago
  4. From blood diamonds to critical minerals: Sierra Leone’s mining transformation
    18 days ago

Reports

Dismiss