International reserves at US$ 4.8bn in Mar-24 
Gross international reserves decreased by 4.5% y/y to US$ 4.8bn in Mar-24, according to NBG. Meanwhile, on a monthly basis, the reserves increased by 0.6% (+US$ 30.6mn). Changes in reserves were attributed to the government and banking sector FX operations, likely including NBG’s FX purchases (information will be available on 25 April).  Notably, the NBG added monetary gold to its FX reserves, purchasing US$ 500mn worth in March and April 2024, totaling 7 tons of high-quality gold (999.9 purity), representing about 11% of its international reserves.