Romania's forex reserves go down in August, gold stocks constant, but value increases with gold price

Romania's foreign exchange reserves were slightly down at the end of August this year compared to July 31, according to the latest figures from Romania's National Bank (BNR). Foreign exchange reserves stood at very slightly under EUR 31 billion on August 31, against just over EUR 32 billion at the end of July, as BNR paid off the first installment to the International Monetary Fund (IMF).

During August, the BNR registered EUR 1.142 billion inflows, which included inflows into the European Commission’s account, into the Ministry of Public Finance’s accounts and income from the management of foreign exchange reserves. Outflows totaled EUR 2.329 billion and included the paying back of the first installment of Romania's stand by agreement with the International Monetary Fund (IMF), as well as interest payments on foreign currency public debt. Romania's gold stock remained at 103.7 tonnes, but its value climbed to just under EUR 4.4 billion, due to the change in gold price over the month. On July 31 the gold price was USD 1614.10 per ounce, while on August 31 the price reached USD 1691.60 an ounce. Romania's total international reserves (foreign currencies and gold) stood at just under EUR 35.4 billion on August 31, compared to EUR 36.5 billion at the end of July. Liam Lever, liam@romania-insider.com (photo source: sxc.hu)