MNB allots HUF 200 bln at EUR/HUF swap tenders
jessica fejos
The National Bank of Hungary (MNB) allotted HUF 200 billion of forint swaps against euros at tenders on Monday, Hungarian news agency MTI reported the central bank as announcing.
The MNB allotted HUF 100 bln in one-month swaps and HUF 100 bln in three-month swaps. Bids from nine banks participating at the one-month swap tender came to EUR 956 million (HUF 298 bln). Bids from eight banks participating at the three-month swap tender reached EUR 942 mln (HUF 294 bln).
The central bank introduced the tenders for the FX swaps last autumn as a "fine-tuning instrument" for market liquidity after it put a cap on placements in three-month deposits, its main sterilization instrument.
The MNB said it continuously observes liquidity trends and stands prepared to hold further tenders for the instruments if it sees "substantial and lasting" deviations.
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