ADVERTISEMENT

Banks place HUF 25 bln in 3-month MNB deposits

Telco

Image by Jessica Fejos

The National Bank of Hungary (MNB) accepted HUF 25 billion of placements in its three-month deposits for banks at a tender on Wednesday, the same as the announced limit. With maturing deposits, the three-month deposit stock was reduced from HUF 275 bln to HUF 175 bln, state news wire MTI reported.

Banks bid to place HUF 132.3 bln in the facility, the central bankʼs main liquidity sterilization instrument, compared to HUF 125 bln in maturing three-month deposits.

The MNBʼs Monetary Council reduced the cap on the stock of three-month deposits to HUF 75 bln for the end of the fourth quarter at a policy meeting in September.

Central bank policy-makers have gradually reduced the three-month depo stock since last autumn by setting end-of-quarter caps. The measure is one of several "unconventional" policy moves to support monetary easing while keeping the base rate unchanged.

ADVERTISEMENT

Czech economic confidence weakens in November Analysis

Czech economic confidence weakens in November

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.