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MNB Decides on Technical Changes to Mandatory Reserve System

MNB

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The National Bank of Hungary (MNB) on Friday said its policymakers decided to use a monthly balance sheet average, rather than an end-of-period date, for the calculation of lenders' mandatory reserve requirements, according to a report by state news wire MTI.

The requirements will be based on March 31 balance sheets for a transitional period starting in July, the central bank and financial market regulator said.

MNBs Monetary Council also decided to allow banks to meet up to 15% of their reserve requirements with term deposit instruments with maturities of at least 14 days from July 1.

The central bank held a series of consultations with the Hungarian Banking Association concerning experience with the mandatory reserve system and technical changes.

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