Hungary's international reserves took a major plunge, down EUR 979 to EUR 34.33 billion month-on-month at the end of June, in preliminary figures released by the National Bank of Hungary. The latest figure is the lowest since December 2012.
The detailed data reveals a major EUR 1.3 billion plunge in the "other receivables" line, which was only partly offset by a EUR 333 million rise in foreign currency receivables. At EUR 33.573 billion, the latter stood at a three-month peak at the end of June.
One potential major factor in the decline of foreign currency reserves might have been the repayment of International Monetary Fund loans, with the state and the National Bank of Hungary having repaid EUR 310 million and EUR 182 million in IMF credit, respectively. Reserves may have been boosted by an influx of net EU transfers, although in the absence of detailed figures this is mere speculation at this point.
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