International reserves down 2.2% y/y in March 2020 
Gross international reserves declined by 2.2% y/y to US$ 3.4bn in March 2020, according to NBG. On a monthly basis, reserves were down 1.1%. The monthly decline in reserves was attributed to US$ 100mn sale by NBG on FX auction in March. Other changes in reserves were related to government and banking sector FX operations and/or asset revaluation.