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MNB allots HUF 200 bln at one-month EUR/HUF swap tender

Tourism

jessica fejos

The National Bank of Hungary (MNB) allotted HUF 200 billion of one-month forint swaps against euros at a tender yesterday, the central bank said, as reported by Hungarian news agency MTI. Bids from the seven banks participating in the tender totaled EUR 1.28 bln (HUF 397 bln).

The central bank introduced the tenders for the FX swaps last fall 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 is closely observing liquidity trends and stands prepared to hold further tenders for the instruments if it sees “substantial and lasting” deviations.

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