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

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The National Bank of Hungary (MNB) allotted HUF 200 billion of one-month forint swaps against euros at a tender on Monday, the central bank said.  Bids from the eight participating banks came to EUR 1.131 bln (HUF 351 bln), state news wire MTI reported.

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 central bank has 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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