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MNB FX swap stock unchanged after tender

Telco

The stock of "fine-tuning" FX swaps of the National Bank of Hungary (MNB) will remain unchanged at HUF 1,525 billion as the result of a tender on Monday, data released by the central bank show, according to state news wire MTI.

The MNB allotted HUF 24.9 bln of twelve-month swaps against euros at the tender. However, the total stock will remain practically the same as HUF 24.8 bln of three-month swaps are maturing on March 21, the value date of the tender. 

The tender will bring the composition of the stock to HUF 40 bln of three-month, HUF 48 bln of six-month, and HUF 1,437 bln of 12-month swaps.

The central bank introduced the tenders for the FX swaps in the fall of 2016 as an instrument for managing market liquidity after it put a cap on placements in three-month deposits, its main sterilization instrument.

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