The National Bank of Hungary (MNB) received and accepted €30 million bids for three-month floating rate EUR/HUF swaps at its weekly tender on Monday.
The MNB offered the usual maximum of €400 million three-month swaps at maximum acceptable 298.45 swap points for expiry on April 13. Bids varied between 296.00 and 298.00 swap points and averaged 297.43. With €60 million expiries, the outstanding volume will drop to €1.965 billion on the January 12 settlement day, Econews calculated.
The MNB started to offer three-month floating-price EUR/HUF swaps and six-month fixed-price EUR/HUF swaps to banks weekly in March 2009. The fixed-price six-month EUR/HUF swap facility for which the MNB stopped to invite new bids as of July ran out as planned by the end of this year, on November 24 2010.
It also offered one-week CHF/EUR swaps weekly between February 2009 and January 2010.
The bank has been operating one-day FX swaps daily since October 2008. The swap facilities were launched to ease Hungarian banks' access to FX financing. (MTI-Econews)