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MNB buys HUF 37 bln in gov't QE securities

MNB

Photo by Adriana Iacob/Shutterstock.com

The National Bank of Hungary (MNB) bought HUF 37 billion of government securities under its quantitative easing program in the week that ended on October 31, practically level with the HUF 40 bln weekly target, according to data published on the central bank's website.

The MNB launched the QE program in the spring of 2020 "to prevent damage [...] to monetary policy transmission and manage economic and financial risks arising from the coronavirus pandemic."

Central bank policymakers decided in August 2021 to start tapering and set the target amount for weekly purchases at HUF 50 bln.

About a month later, it lowered the target to HUF 40 bln until the end of the fourth quarter.

The latest weekly QE data shows that the MNB bought HUF 18 bln of government securities at a weekly auction and HUF 19 bln outside of the auction.

The total amount of government securities purchased in the scheme's framework reached HUF 3.311 trillion on October 31.

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