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The Hungarian Central Bank (MNB) held its newly created three-month benchmark yesterday unchanged at 1.35% but it lowered its overnight rate corridor by 25bps. As a result EUR-HUF rose sharply, past 315.00. MNB's statement makes it clear that the move aims to promote more use of treasury bonds for parking surplus capital by banks.
With bond yields falling afresh following the recent dovish stance at the Fed, the MNB needed to reduce the interest rate it offers on its short-term deposits, so that banks would have the incentive to keep their money in government bonds.
While it was not a formal rate cut, the lower rate corridor will pull average market interest rates down slightly - hence, it is observed justified upward pressure on EUR-HUF, says Commerzbank.
