International reserves amounted to EUR24,668.7m at end-October and rose by 4.0% m/m, the National Bank of Hungary (NBH) reported. Reserves also increased visibly in USD-denominated terms, up by 1.5% m/m to USD27,966.8m at the end of the month. The increase in reserves was expected, given the EUR1bn Eurobond issue during the month. Nevertheless, the reserves’ level seems to have remained generally stable since May this year.
The data also showed the NBH purchase of gold reserves during the month. The value of gold reserves jumped from EUR100.7m at end-September to EUR1,086.5bn at end-October as the NBH increased ten-fold the volume of its gold reserves. The purchase of gold reserves was entirely offset by the Eurobond issue as the EUR-denominated stock of forex reserves declined only barely m/m during the month.