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OP 2003/28 Csaba Balogh and Peter Gabriel: The Interbank Money Market Past and Future Trends



This paper analyses the development of the three segments of the interbank money markets in Hungary and the euro area: unsecured lending/deposit transactions, sale and repurchase agreements (repos) and FX swaps. Reviewing the experiences of some eurozone members the authors draw conclusions on the expected future development of the money market segments. The analysis of the Hungarian money market is based on regular reports by banks and on a survey covering 11 domestic commercial banks, which was conducted by the National Bank of Hungary in May 2003.