April 28, 2020 / 1:24 PM / a month ago

Hungary cbank says will keep up asset purchases as long as necessary

BUDAPEST, April 28 (Reuters) - Hungary’s central bank will launch its bond-buying programme and mortgage bond purchases on May 4, without any set target amount, the bank said in a statement on Tuesday after keeping its interest rates on hold.

The bank said it would not restrict the scope of maturities of government securities to be purchased but will focus on securities with at least 3 years to maturity. “The Monetary Council did not set a total amount of purchases for either programme. The NBH will perform a technical revision when stock increases reach HUF 1,000 billion in government securities and HUF 300 billion in mortgage bonds,” it said.

It said government securities purchases will take place in the secondary market at regular weekly auctions and in transactions outside the auctions.

The NBH said its asset purchase programmes would allow it “to influence monetary conditions at the longer part of the yield curve.” (Reporting by Krisztina Than and Gergely Szakacs)

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