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Central Bank Amends Law on Required Reserves

HUNGARY
  • The central bank has changed the way it calculates banks’ reserve requirements, according to a decree published in the official gazette. There are few further details, but as per Bloomberg, the central bank will now calculate reserve requirements based on their state on March 31, as opposed to on a rolling basis.
  • EUR/HUF has spiked higher at the start of the of the session and sits close to the bottom of the EM FX pile. Initial resistance at 373.41 – the 50-day EMA – remains intact for now.
  • Addressing a session of the UN Security Council, Foreign Minister Peter Szijjarto urged the international community to focus on breaking the "vicious cycle" of war, growing migration waves, the threat of terrorism and environmental challenges, MTI report.
  • Szijjarto will speak on a panel at Russia’s St. Petersburg International Economic Forum today. He is the most senior EU official to attend the event. There are no other major economic releases or speaker events scheduled today.
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