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HUNGARY: FX Swap Implied Rate Lifted to Help Maintain Market Stability

HUNGARY
CEEMEAEM BulletBulletEmerging Market NewsHungary
  • As noted above, Hungary’s central bank said it has increased the implied forint interest rate at its regular EUR-providing T/N FX swap tender by 50bps to 6%. “The updated conditions highlight the importance of financial market stability as we approach the end of the year, when liquidity conditions, and window-dressing transactions might increase volatility,” the NBH said in an emailed statement, adding that it “intends to maintain this higher FX-swap implied rate […] for a prolonged period of time”.
  • Hungary's average gross wages rose 12.9% y/y in October, above estimates of a marginal deceleration to +12.4% from the +12.5% recorded in September. On a month-on-month basis, average wages rose 1.6% versus -0.3% prior.
  • Poland said it would summon Hungary’s ambassador in Warsaw after Budapest granted asylum to a Polish opposition lawmaker, Bloomberg report. Yesterday, Hungary granted political asylum to Former Deputy Justice Minister Marcin Romanowski who is wanted over alleged fraud at a state institution under the previous ruling government.
  • Prime Minister Viktor Orban plans to hold talks in Bulgaria and Romania throughout today. There are no data releases scheduled for the remainder of the week.
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  • As noted above, Hungary’s central bank said it has increased the implied forint interest rate at its regular EUR-providing T/N FX swap tender by 50bps to 6%. “The updated conditions highlight the importance of financial market stability as we approach the end of the year, when liquidity conditions, and window-dressing transactions might increase volatility,” the NBH said in an emailed statement, adding that it “intends to maintain this higher FX-swap implied rate […] for a prolonged period of time”.
  • Hungary's average gross wages rose 12.9% y/y in October, above estimates of a marginal deceleration to +12.4% from the +12.5% recorded in September. On a month-on-month basis, average wages rose 1.6% versus -0.3% prior.
  • Poland said it would summon Hungary’s ambassador in Warsaw after Budapest granted asylum to a Polish opposition lawmaker, Bloomberg report. Yesterday, Hungary granted political asylum to Former Deputy Justice Minister Marcin Romanowski who is wanted over alleged fraud at a state institution under the previous ruling government.
  • Prime Minister Viktor Orban plans to hold talks in Bulgaria and Romania throughout today. There are no data releases scheduled for the remainder of the week.