MNB FX swaps climb HUF 43 bln after tender
The stock of "fine-tuning" FX swaps of the National Bank of Hungary (MNB) rose a little more than HUF 43 billion to HUF 1,611 bln after a tender on Monday, data released by the central bank show, as cited by state news wire MTI.
The MNB allocated HUF 24.8 bln (EUR 80 mln) of six-month and HUF 24.8 bln of twelve-month forint swaps against euros at the tender.
Bid amounts came to EUR 630 mln (HUF 195.0 bln) for the six-month and EUR 765 mln (HUF 236.8 bln) for the twelve-month swaps.
One-month swaps with a value of HUF 6.3 bln will mature on January 24, the value date of the tender.
The tender brings the composition of the stock to HUF 75 bln of one-month, HUF 215 bln of three-month, HUF 98 bln of six-month, and HUF 1,223 bln of twelve-month swaps, the MNB said.
The central bank introduced the tenders for the FX swaps in the autumn of 2016 as an instrument for managing market liquidity after it put a cap on placements in three-month deposits, its main sterilization instrument, MTI recalled.
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