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MNB accepts no bids at weekly FX swap tender

MNB

Photo by Adriana Iacob/Shutterstock.com

The National Bank of Hungary (MNB) accepted no bids at a weekly tender on Monday for FX swaps, a facility the central bank has used to pump liquidity into the banking sector, state news wire MTI reports.

MNB's Monetary Council decided at a monthly policy meeting in September to "gradually phase out" the FX swap facility amid a tightening cycle, while "taking into account the developments in the swap market".

Lenders bid for HUF 47 billion of one-month, HUF 53.5 bln of three-month, HUF 42.7 bln of six-month and HUF 67.6 bln of twelve-month swaps at the tender on Monday.

As HUF 52.8 bln of the swaps are maturing on October 13, total swap stock will fall to HUF 991.9 bln. The stock will comprise HUF 68 bln of six-month swaps and HUF 923.9 bln of 12-month swaps.

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