Hungary's international reserves up 1.4% m/m in April 2012.

By bne IntelliNews May 8, 2012
Hungarys international reserves picked up by 1.4% on the month to EUR 35.17bn as of end-April 2012, central bank preliminary data showed. The improvement was exclusively on account of other reserve assets, which refers to financial derivatives and foreign non-bank lending. They increased by 39% m/m to EUR 3.17bn in April. The latter offset a 1.4% m/m decline in foreign currency reserves to EUR 31.2bn. In annual comparison, international reserves declined by 2.7%, pushed down by a 5.5% y/y drop in foreign currency reserves. International reserves dropped by 6.9% ytd at end-April 2012 (or by EUR 2.6bn). 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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