MNB’s international reserves increase by 1.384 billion euros in December
The international reserves of the National Bank of Hungary (MNB) stood at 38.377 billion euros at the end of December, up 1.384 billion euros from the previous month, reports MTI, citing data released by the bank. central.
Cash, deposits and securities in reserves climbed from € 1.296 billion to € 30.784 billion in the month.
Hungary did not make any FX bond issues in international markets during the month.
International reserves were 4.7 billion euros higher than at the end of 2020, driven by an increase of 3.133 billion euros in gold reserves and a 2.297 billion euros increase in SDRs. Cash, deposits and securities fell by 973 million euros.
In the spring, the MNB increased the country’s gold reserves from 31.5 tonnes to 94.5 tonnes, “taking into account the country’s long-term national strategic and economic objectives.”
“The emergence of global peaks in government debt or inflation problems further increases the importance of gold in national strategy as a safe-haven asset and as a store of value,” MNB told the era.
The measure gave Hungary the third largest gold reserves in the CEE region, while its per capita gold reserves – at 0.31 ounces – became the region’s highest.
In August, the value of IMF Special Drawing Rights (SDRs) in international reserves jumped to 2.24 billion euros from 3 million euros. The IMF Governing Council approved a general allocation of SDRs equivalent to $ 650 billion on August 2, 2021, to boost global liquidity. The general allocation, made to IMF members participating in the SDR department in proportion to their existing quotas in the fund, came into effect on August 23, 2021.
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