Forint moves back from historic low after MNB intervention

Analysis

The forint slipped as far a 369.63 to the euro - a new historic low - during the day, but snapped back after the National Bank of Hungary (MNB) announced the launch of a one-week deposit that pays the 0.9% base rate, state news wire MTI reports.

The forint traded at 362.54 to the euro at around 5:30 in the evening on Wednesday, weakening from 361.05 late Tuesday.

The first tender for the sterilization instrument, which the MNB said will contribute to improving the efficiency of banking sector liquidity management, will take place on Thursday.

The forint softened to 331.44 from 328.03 against the dollar. It fell to 342.78 from 340.01 to the Swiss franc.

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