Despite of the current consolidated conditions unfavourable swap market developments might evolve due to the closing of open positions at the end of the year based on previous years observations. Therefore, obtaining foreign currency by resident banks on FX swap market might get more difficult in these days.

The Bank has therefore decided to introduce a new euro liquidity providing EUR/HUF FX swap facility again to assist domestic credit institutions in managing foreign currency liquidity at the end of the year. Another aim of the Bank is to avoid a large diversion of prices in the EUR/HUF FX swap market from realistic levels and to ensure that forint interest rates remain close to the Bank’s key policy rate in all sub-markets of the domestic money market.

The Magyar Nemzeti Bank is announcing two EUR/HUF FX-swap tenders with variable rate.

  • The time of the first tender is 20/12/2012 3:00pm, the settlement date is 21/12/2012, while the maturity is 04/01/2013.
  • The Bank is offering to the clients a prolonging opportunity due to the possible persistence of the turmoil in the beginning of 2013. The time of the second tender is 03/01/2013 3:00pm, the settlement date is 04/01/2013, while the maturity is 11/01/2013.

The announced quantity and the minimum acceptable EUR interest rate (highest acceptable swap points) will be included in the tender’s procedures and conditions which will be published on 20/12/2012 and 03/01/2013 12:00pm on the following site: