MNB allots HUF 200 bln at third EUR/HUF FX swap tender
jessica fejos
The National Bank of Hungary (MNB) allotted HUF 200 billion of one-month forint swaps against euros at a tender on Monday, according to Hungarian news agency MTI.
The tender was the third of its kind for the “fine-tuning instrument” that the central bank introduced in the autumn to manage market liquidity after it put a cap on placements in three-month deposits, its main sterilization instrument.
At EUR 646 million, the allotment was just under the EUR 650 mln maximum offer and practically level with the allotments in the first two tenders held on October 19 and 26. Lendersʼ bids came to HUF 355 bln (EUR 1.148 bln), under the offers in the first two tenders.
“The MNB continues to monitor liquidity trends on an ongoing basis and is prepared to hold further fine-tuning tenders if it sees substantial and sustained deviations,” the central bank said after the tender.
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