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Interbank forint market turnover increases 25% in August

Turnover on the interbank forint market was Ft 3,261.9 billion in August, Ft 802.2 billion more than in July, the National Bank of Hungary (MNB) said in its monthly rates report published on Thursday.

Average turnover-weighted O/N and T/N rates rose 60bp to 6.73% in August compared to July. Average rates for one-month money rose 34bp to 7.06% and rates for three-month money were up 21bp at 7.11%. Interbank rates increased in August after a central bank rate hike at the end of July.
The MNB raised the base rate which equals its key two-week depo rate by 50 basis points to 6.75% effective July 25. The base rate increased by another 50bp, effective August 29, and again by 50bp with effect on September 26 to the current 7.75%.