International reserves of the National Bank of Hungary (NBH) amounted to EUR 24.7bn at end-January and increased by 1.3% m/m, the NBH reported. In USD terms, international reserves rose by 2.5% m/m to USD 26.5bn. The increase was partly on account of a recovery of the NBH’s gold reserve stock. As we reported earlier, the NBH had explained that it did not sell its gold reserves but entered a swap transaction, which required the gold reserves to be accounted as zero at the end of December. Otherwise, the increase in reserves in January was likely also supported by the forint swap operations of the NBH, in our view. The NBH provided EUR 812mn of forint liquidity through its fine-tuning forint swap tender instrument during the month.