Weekly ctrl bank FX swap tender attracts no bids

Analysis

The National Bank of Hungary (MNB) received no bids from banks at its regular weekly tender of floating-rate three month EUR/HUF swaps on Monday.

The regular tenders has gone without bids since March 12, and saw no bids except for two occasions with limited demand and allocation since the end of January this year.

There are no expiries as the stock fell to nil on June 6. The MNB offered the usual €400 million of the floating-rate three month EUR/HUF swaps at a maximum price of 325.21 swap points on Monday. Interest in the facility was high in December and in January, when the stock reached an all-time high of €2.345 billion on January 25.

The MNB operates two EUR/HUF swap facilities to banks at present, a one-day one operated daily and the three-month one once a week on Mondays.

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