MNB Allots HUF 2 bln at Discount Bill Auction

MNB

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The National Bank of Hungary (MNB) allotted HUF 2 billion of discount bills at the first auction of the liquidity sterilization instrument on Thursday, according to a report by state news wire MTI.

The auction took place a day after the central bank held the first regular tender for variable-rate deposits, allotting HUF 2.093 trillion.

The two instruments were launched to maintain tight monetary conditions by soaking up liquidity after central bank policymakers wound up a tightening cycle with a 125 bp rate rise late in September.

MNB said in an announcement on its website that lenders rolled close to HUF 3.113 tln into the central bank's one-week deposit facility on Thursday, noting that the one-week deposit stock has been sharply reduced from levels over HUF 9 tln.

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