Forint firms on FX tender result

Competition

The forint firmed to the euro on Monday, after the results of a central bank tender to supply banks with the liquidity necessary to convert FX loans into forints were announced. Banks were allotted €7.8 bln at the tender, nearly the entire amount they will need for the conversion, the National Bank of Hungary said.

The central bank devised the tender to expedite the conversion and prevent an impact on the forint's exchange rate.

The forint traded at 307.50 to the euro late Monday, firming from 309.39 late Friday.

It strengthened to 247.19 from 249.13 against the dollar and advanced to 255.67 from 257.10 against the Swiss franc.

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