MNB holds 1st within-quarter euro liquidity swap tender

MNB

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The National Bank of Hungary (MNB) held its first swap tender providing euro liquidity within a quarter on Friday, according to a report by state news wire MTI.

MNB policymakers announced the within-quarter swaps - in addition to the central bank's end-of-quarter swaps - at their monthly policy meeting in June, with the aim of "ensuring that short-term rates in every sub-market, particularly in the swap market, and at all times develop consistently with the level of short-term rates deemed optimal".

At the tender on Friday, MNB accepted all bids for EUR 1.588 billion of swaps with a maturity of July 11. Bids were placed by nine participating banks.

MNB said it stands ready "to regularly use" the euro liquidity swap facility and announced that the next tender will be held on July 11.

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