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MNB allocates HUF 50 bln of MIRS at tender

Telco

The National Bank of Hungary (MNB) allocated HUF 50 billion of its monetary policy interest rate swaps (MIRS) designed to flatten the yield curve at a tender on Thursday, state news wire MTI reported.

The central bank allocated HUF 20 bln of five-year MIRS and HUF 30 bln of ten-years swaps. The offered amounts were HUF 10 bln and HUF 40 bln, respectively.

Lendersʼ bids came to HUF 32.07 bln for the five-year and HUF 87.82 bln for the ten-year swaps.

The fixed rates for the swaps were 0.99% for the five-year and 1.93% for the ten-year MIRS. The floating interest rate of the first period was 0.30%.

MNB policy-makers decided to launch the MIRS facility in November 2017, setting a HUF 900 bln allocation for the first three quarters of 2018.  The bank is holding tenders for MIRS every other Thursday.

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