The average stock of one-week deposits rose HUF 1.14 trillion to HUF 7.39 tln.

The one-week depo rate has moved in tandem with the base rate since late June, but the central bank's Monetary Council said at a monthly policy meeting in November that MNB "must be ready to set the interest rate on the one-week deposit above the base rate", allowing it to respond to a recent increase in short-term risks in financial and commodity markets "quickly and flexibly". 

Policymakers raised the base rate by 30 bp to 2.1% at the November meeting, after CPI spiked at 6.5% in October. Late in November, MNB announced a rate of 2.9% for its one-week deposit facility ahead of a tender, 80 bp over the base rate.
The average stock of central government deposits fell HUF 1.051 tln to HUF 3.162 tln in November.

At the end of the month, total liabilities were at HUF 25.721 tln, up by HUF 251 bln from the end of October.

MNB noted that the banking sector's reserve account balances exceeded the HUF 323.2 bln requirement by HUF 8.2 bln.