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MNB allots HUF 150 bln at one-month EUR/HUF swap tender

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The National Bank of Hungary (MNB) allotted HUF 150 billion of one-month forint swaps against euros at a tender on Monday, the central bank said. Bids from the six banks participating at the tender came to EUR 796 million (HUF 246 bln)

The central bank introduced the tenders for the FX swaps last autumn as a "fine-tuning instrument" for market liquidity after it put a cap on placements in three-month deposits, its main sterilization instrument.  

The MNB said it continuously observes liquidity trends and stands prepared to hold further tenders for the instruments if it sees "substantial and lasting" deviations.

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