MNB Increasing Number of Forex Swap Tenders

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The National Bank of Hungary (MNB) said yesterday it will increase the amount of foreign exchange swap tenders providing euro liquidity, available to banks on regular daily TomNext swaps, from EUR 5 billion to EUR 6 bln from September 1, according to a release on the MNB's website.

The central bank noted it will continue to strengthen the effectiveness of monetary transmission through regular discount bond auctions, in order to ensure that the interest rate conditions set by the Monetary Council are reflected in a broad range of financial markets.

The MNB reiterated it is committed to achieving its inflation target in a sustainable manner. Looking ahead, financial market stability remains key to achieving price stability.

The central bank will pay particular attention to maintaining the stability of the swap market and will continue to strengthen the effectiveness of monetary transmission through an active market presence.

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