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The components of the safety net are a repo agreement concluded with the European Central Bank (ECB), through which the MNB can provide euro liquidity of up to EUR 4 bln to Hungarian financial institutions, an FX swap agreement concluded with the People’s Bank of China (PBC) in 2013, which ensures liquidity of some EUR 2.5 bln, a repo agreement concluded with the Bank for International Settlements making available EUR 2 bln liquidity and a repo facility announced by the Federal Reserve, which can provide USD 1 bln-2 bln of liquidity for the MNB.

The MNB’s international reserves amounted to EUR 30.2 bln at the end of June. The bank said this level of reserves significantly exceeds all relevant benchmarks.