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Central bank converts €250 mln of forex proceeds in Q1

The National Bank of Hungary (MNB) exchanged €250 million for forints on the interbank market in the first quarter of 2006, the bank said in its Q2 report published on the bank's website on Friday.

The transactions were in line with the bank's practice of converting part of the net proceeds of the government's foreign currency borrowing into forints on the interbank market. The figure is up from €156 million in Q1 and brought the bank's interbank market conversions to €406 million in the first half of 2006, near the 2005 total of €452 million.
The share of these conversions in interbank forex market turnover could not be yet calculated, as the MNB had not published market data on Q2 figures as of Friday. In Q1, the MNB's market sales of foreign currency accounted for about 0.3% of spot forex transactions on the Budapest interbank market, and the ratio was similar for last year.