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MNB's BGS subscription moves closer to threshold

Analysis

Image by posztos / Shutterstock.com

The National Bank of Hungary (MNB) has bought HUF 1.512 trillion of corporate securities in the framework of its Bond Funding for Growth Scheme (BGS), close to the program's allocation threshold, state news wire MTI reports, citing data by the central bank.

MNB launched the BGS before the crisis to give impetus to the local corporate bond market. Central bank policymakers announced in December, amid a tightening cycle, that the scheme would end when its HUF 1.55 tln allocation is reached.

The monthly data posted on the MNB website show the central bank subscribed HUF 3.3 bln of BGS bonds issued in March, all of them on the secondary market.

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