MNB Moves towards Smaller Balance Sheet & Less External Funding

HUNGARY - Report 25 Apr 2014 by Istvan Racz
The Measures On 24 April 2014, the central bank (MNB) announced a series of measures to reshape its monetary policy facilities within a few months’ time. The measures announced were the following: From 1 August 2014, the MNB will change the form of its main sterilization instrument. The existing 2-week bill facility will be discontinued, and a new 2-week deposit facility will be offered to “partner institutions”, i.e. to local banks. The new deposits will not be usable as collateral in MNB’s credit operations, and non-resident banks, not classified as partner institutions, will cease to hav...

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