MNB allocates HUF 20 bln of MIRS
The National Bank of Hungary (MNB) allocated HUF 20 billion of monetary policy interest rate swaps (MIRS) designed to flatten the yield curve at a bi-weekly tender last Thursday, the central bank reported on its website.
The MNB allocated HUF 10 bln of five-year MIRS and HUF 10 bln of ten-year swaps, in line with the respective offered amounts. The central bank raised the fixed rate for the five-year swaps to 1.89%, up from 1.68% at the previous MIRS tender two weeks earlier. The rate for the ten-year swap was raised from 2.53% to 2.73%.
Policymakers of the central bank decided in November 2017 to launch the MIRS facility. This September, they decided to phase out the MIRS tenders by the end of 2018, capping the total stock at HUF 1.1 trillion. The latest tender has raised the stock to HUF 1.044 tln.
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