MNB allots HUF 200 bln at EUR/HUF swap tenders
The National Bank of Hungary (MNB) allotted HUF 200 billion of one-month forint swaps against euros at a tender on Monday, the central bank said. Bids from the eleven banks participating at the tender reached EUR 1.548 bln (HUF 479 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.
After Mondayʼs tender the outstanding stock of FX swaps reached HUF 650 bln, including HUF 400 bln of one-month swaps, HUF 200 bln of three-month swaps and HUF 50 bln of six-month swaps.
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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