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."
In August 2021, central bank policymakers decided to start tapering and set a target amount for weekly purchases of HUF 50 bln "as a first step," but said the MNB "may depart from this arrangement in a flexible manner, depending on the supply and other market conditions."
According to the latest weekly QE data, the MNB bought HUF 29 bln of government securities at a weekly auction and HUF 21 bln outside of the auction. The total amount of government securities purchased under the scheme's framework had reached HUF 2.977 trillion on September 5.
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