May 12, 2020 / 11:10 AM / 19 days ago

Hungary cbank cuts back bond purchases at auction, yields drop

BUDAPEST, May 12 (Reuters) - Hungary’s central bank has bought a total of 25 billion forints ($77.36 million) worth of government bonds from local lenders at its auction on Tuesday, half the amount it purchased at its previous auction a week ago.

The central bank launched its asset-purchase programme last week. The NBH launched the purchases to drive down longer-dated government debt yields.

The National Bank of Hungary (NBH) bought 14 billion forints of 2030/A bonds at an average yield of 1.93%, 7 billion forints worth of 2031/A bonds at 1.94% and 4 billion forints worth of 2038/A bonds at a 2.21% average yield.

Average auction yields have declined by 2-7 basis points from last Tuesday. ($1 = 323.1500 forints) (Reporting by Krisztina Than)

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