MNB: Forint liquidity of banking sector rose in March

Forint liquidity of Hungaryʼs banking sector rose slightly in March from a month earlier, due mainly to increases in the average stock of overnight and two-week deposits, the National Bank of Hungary (MNB) said in a report today.

The average stock of two-week deposits, the central bankʼs main sterilisation instrument, grew by HUF 13.4 bln to HUF 5.158 trillion, the report shows.

The average stock of external assets increased by HUF 29.4 bln to HUF 11,582 bln because of an increase in foreign exchange reserves as an effect of transfers received from the European Commission, the MNB said.

The average stock of central government deposits grew by HUF 156.8 bln to HUF 1.634 trillion. The stock stood at HUF 1.656 trillion at the end of March compared to HUF 1.461 trillion at the start of the month. The MNB explained the increase in part with the issuance of forint-denominated government securities.

The monthly average of the banking sectorʼs current account balances with the MNB exceeded reserve requirements by HUF 3.7 bln, which the central bank termed “moderate” compared to the total requirement of HUF 508.8 bln.

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