Tender raises MNB FX swap stock to HUF 1,525 bln
jessica fejos
The stock of "fine-tuning" FX swaps of the National Bank of Hungary (MNB) will rise about HUF 15 billion to HUF 1,525 bln as the result of a tender on Monday, data released by the central bank show, as reported by state news wire MTI.
The MNB allotted HUF 14.7 bln of twelve-month forint swaps against euros at the tender. As no other swaps are maturing on March 7, the value date of the tender, the total stock will climb to about HUF 1,525 bln. Five banks participated at the tender, submitting bids of EUR 430 million (HUF 135 bln).
The tender will bring the composition of the stock to HUF 90 bln of three-month, HUF 48 bln of six-month, and HUF 1,387 bln of twelve-month swaps.
The central bank introduced the tenders for the FX swaps in the autumn of 2016 as an instrument for managing market liquidity after it put a cap on placements in three-month deposits, its main sterilization instrument.
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