Central bank converts €250 mln of forex proceeds in Q1
The National Bank of Hungary (MNB) exchanged €250 million for forints on the interbank market in the first quarter of 2006, the bank said in its Q2 report published on the bank's website on Friday.
The transactions were in line with the bank's practice of converting part of the net proceeds of the government's foreign currency borrowing into forints on the interbank market. The figure is up from €156 million in Q1 and brought the bank's interbank market conversions to €406 million in the first half of 2006, near the 2005 total of €452 million.
The share of these conversions in interbank forex market turnover could not be yet calculated, as the MNB had not published market data on Q2 figures as of Friday. In Q1, the MNB's market sales of foreign currency accounted for about 0.3% of spot forex transactions on the Budapest interbank market, and the ratio was similar for last year.
ADVERTISEMENT
Number of Liquidations Increasing Rapidly
Orbán's Salary Increased to HUF 4.178 mln
Hungary Tops out HUF 300bn Munitions Complex
Around 2,800 Events Take Place in European Capital of Cultur...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
