Weekly Market Watch

International reserves at US$ 4.8bn in Apr-24 
Gross international reserves decreased by 6.3% y/y to US$ 4.8bn in Apr-24, according to NBG. Meanwhile, on a monthly basis, the reserves increased by 0.8% (+US$ 37.4mn). Changes in reserves were attributed to the government and banking sector FX operations, likely including NBG’s FX purchases (information will be available on 27 May). Notably, the NBG added monetary gold to its FX reserves, purchasing $529.4mn worth in March and April 2024, representing 11.0% of its international reserves.