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Three-month depo stock falls further

Telco

pixabay

The National Bank of Hungary (MNB) accepted HUF 175 billion of placements in its three-month deposits for banks at a tender on Wednesday, well under the HUF 325 bln of maturing deposits, Hungarian news agency MTI reported.

As a result, the three-month deposit stock fell from HUF 725 bln to HUF 575 bln.

The MNB had planned to accept up to HUF 200 bln of placements at the tender on Wednesday. Banks offered to put HUF 406.3 bln in the facility.

The MNB started placing quarterly caps on three-month depo tenders last autumn in an effort to force more liquidity onto the market. The measure is one of several unconventional policy instruments it has used to ease monetary conditions, while keeping the base rate on hold.

The depo cap for the end of the second quarter has been set at HUF 500 bln.

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