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MNB three-month depo stock remains level after tender

Telco

The National Bank of Hungary (MNB) accepted placements of HUF 50 billion in its three-month deposit at a tender yesterday, level with the maturing depo stock, Hungarian news agency MTI reported.

Total three-month depo stock remained at HUF 500 bln.

Banks had offered to place HUF 124 bln in the facility, the central bankʼs main instrument for soaking up excess liquidity.

The MNBʼs Monetary Policy Council sets a quarterly threshold for the three-month depo stock. The central bank policy makers decided at a meeting in June to reduce the three-month depo stock to HUF 300 bln by the end of the third-quarter.

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