Forint liquidity of Hungary banks edges further up in July

Average government deposits fell as the government debt manager AKK repaid a JPY 45bn bond issued in 2005 on July 12. Market players placed more than earlier of their excess liquidity into the two-week NBH bonds while their overnight central bank deposits declined. Average central government deposits fell HUF 54.2bn to HUF 1,708.1bn. The NBH noted that in an end-of-month comparison, the government deposit rose just less than HUF 400bn, boosted by revenues from VAT, social security contribution and extraordinary taxes arriving in the last third of July. Forint deposits rose nearly HUF 300bn from the end of June, but foreign currency government deposits also rose, by HUF 100bn, the NBH figures reveal. The rise in foreign currency deposits could have reflected the inflow of net EU transfers or international development loans. There has been no foreign currency denominated bond issues this year. According to earlier economy ministry information AKK has used forint funds to repay foreign currency liabilities due so far this year. Average stock of overnight deposits fell by HUF 112.1bn in July after a similar decrease in June and reached HUF 162.6bn in July. Average stock of two-week NBH bills held by residents increased by HUF 25.6bn – less than in June – to HUF 3,606.5bn. The stock held by non-residents rose HUF 151.9bn – after a sharp HUF 202.6bn decrease in June – to HUF 589.0bn. Swap claims dropped by HUF 6.7bn to just HUF 2.8bn. The decrease was similar to June. The stock of two-year central bank covered loans to banks rose HUF 11.7bn and reached HUF 120.7bn. The NBH launched the loans, aimed at helping banks to lend through providing long-term liabilities at the central bank base rate, in April 2012. Average stock of currency in circulation fell HUF 24.1bn to HUF 2,670.2bn in July. Average external assets were HUF 290.7bn lower at HUF 10,470.1bn as the forint strengthened. Average external liabilities fell HUF 12.2bn in July to HUF 871.7bn. External liabities fell HUF 99bn from the end of June, with HUF 90.3bn of the drop reflecting transactions.

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