MNB allots HUF 200 bln at EUR/HUF swap tenders
The National Bank of Hungary (MNB) allotted HUF 200 billion of one and six-month forint swaps against euros at a tender yesterday, the central bank said, according to Hungarian news agency MTI.
The MNB allotted HUF 100 bln of one-month swaps. Six banks bid EUR 357 million (HUF 110 bln) in the tender.
The MNB also allotted HUF 100 bln of six-month swaps. Bids from the two banks participating at the tender came to EUR 370 mln (HUF 114 bln).
The central bank introduced the tenders for the FX swaps last fall as a "fine-tuning instrument" for market liquidity after it put a cap on placements in three-month deposits, its main sterilization instrument.
The tender on Monday brings the total stock of the swaps to HUF 850 bln, including HUF 300 bln of one-month, HUF 300 bln of three-month, HUF 200 bln of six-month and HUF 50 bln of 12-month swaps.
The MNB said it continuously observes liquidity trends and stands ready to hold further tenders for the instruments if it sees "substantial and lasting" deviations.
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