Three-month MNB depo stock cut by HUF 50 bln to HUF 450 bln

Telco

Image by Jessica Fejos

The National Bank of Hungary (MNB) accepted placements of HUF 125 billion in its three-month deposit facility at a tender on Wednesday, reducing the total stock of the depos by HUF 50 bln to HUF 450 bln as maturing deposits exceeded new placements.

Banks had offered to place HUF 248 bln in the facility.

The MNBʼs Monetary Council said earlier that the stock of three-month deposits, the central bankʼs main sterilization instrument, would fall to HUF 300 bln by the end of the third quarter.

The central bankʼs policy-makers have gradually reduced the three-month deposit stock since last autumn by setting end-of-quarter caps. The measure is one of several "unconventional" policy moves to support monetary easing while keeping the base rate unchanged.

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