MAGYAR NEMZETI BANK
Foreign currency receivables from and liabilities to credit institutions in a breakdown by remaining maturity HUF millions
B/S line
Remaining maturity - within 1 year - within 1 to 5 years - over 5 years
II.3.
Foreign currency receivables from credit institutions - within 1 year - within 1 to 5 years - over 5 years
VII.2. II.3.-VII.2.
Foreign currency liabilities to credit institutions Net foreign currency position
Balance 31 Dec 2019
31 Dec 2020
Change
8
44,922
44,914
167
284
117
7,654
18,573
10,919
7,829
63,779
55,950
43,732
164,359
120,627
0
0
0
0
0
0
43,732
164,359
120,627
-35,903
-100,580
-64,677
4.9 G OLD AND FOREIGN EXCHANGE RESERVES OF THE CENTRAL BANK HUF millions
B/S line
Description Gold reserve Reserve position in the IMF
454,851
31 Dec 2020 570,550
Change 115,699
121,965
128,159
6,194
Foreign currency deposits
1,517,954
3,161,631
1,643,677
Foreign currency securities
7,234,099
8,412,142
1,178,043
Foreign currency repo transactions II.1.
Balance 31 Dec 2019
Gold and foreign exchange reserves
31,900
1,457
-30,443
9,360,769
12,273,939
2,913,170
For statistical purposes, the MNB regularly publishes the amount of foreign exchange reserves. According to the statistical rules, foreign exchange reserves also include accrued interest, and consequently gold and foreign exchange reserves differ in amount according to the statistical and accounting rules. Excluding accrued interest, foreign exchange reserves amounted to HUF 12,273.9 billion on 31 December 2020, exceeding the figure for end-2019 by HUF 2,913.2 billion. In the course of 2020, foreign exchange reserves were increased by EUR transfers from the European Commission, transactions concluded with international institutions and other foreign partners, and the debt management and other activities of the Government Debt Management Agency. The FX swaps tenders providing euro liquidity which were announced at the end of 2020 and the repurchase agreements drawn down both had a positive effect on the growth in reserves. The level of reserves was reduced by the overall effect of the net balance of the Hungarian State Treasury’s foreign currency inflows and payments mainly related to pandemic control measures, as well as by the maturity of the fine-tuning FX swaps providing forint liquidity to credit institutions. As a result of these factors, the stock of foreign exchange reserves denominated in euro rose by EUR 5.3 billion to EUR 33.7 billion by end-2020. The end-2020 balance of foreign currency securities contained the securities which are managed by an external trustee based on a mandate amounting to HUF 871.9 billion (10.4 per cent in total).
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ANNUAL REPORT • 2020