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No bids at FX swaps tender

MNB

Photo by Adriana Iacob/Shutterstock.com

Lenders submitted no bids at a weekly tender held by the National Bank of Hungary (MNB) on Monday for FX swaps, a facility the central bank has used to pump liquidity into the banking sector, according to a report by state news wire MTI.

MNB's Monetary Council decided at a monthly policy meeting in September to "gradually phase out" the FX swap facility amid a tightening cycle, while "taking into account the developments in the swap market". At a policy meeting in October, the rate-setters said they would continue the phase-out "in a dynamic way".

As HUF 28.7 bln of the swaps are maturing on November 17, total swap stock will fall to around HUF 764.1 bln. The stock will comprise HUF 50 bln of six-month swaps and HUF 714.1 bln of 12-month swaps.

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