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Central Bank to Hold 2-Month Deposit Tender

HUNGARY
  • EURHUF has recovered from a fresh 6-month low of 388.33 at the beginning of the European session after the key rate and O/N lending rate were left unchanged yesterday, while the accompanying statement signalled that the alternate liquidity tools in place will continue to be used in the coming periods. The NBH also raised lenders’ reserved required reserves to 10% from 5%.
  • Today, the central bank will hold a 2-month deposit tender, with markets looking to gauge whether the interest rate offered will indicate a pivot towards an easing of policy from the central bank. The previous depo tender settled at 17.95%, where HUF2.1t of bids were accepted. Should banks accept placing cash at a lower rate, this could open the possibility for rate cuts at the February NBH meeting. The deposit tender will be held at 1200 GMT/1300 local time.
  • Average gross wages rose 16.8% Y/Y (Est. +17.4%) in November versus +18.4% in October, according to data released by the Central Statistical Office this morning. There are no other major economic releases or speakers left on the docket.
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