June 24, 2020 / 3:04 PM / 21 days ago

Hungary cbank provides HUF 70 bln of funds to banks at weekly tender

BUDAPEST, June 24 (Reuters) - Hungary’s central bank provided 70 billion forints ($224.28 million) worth of funds to banks at its collateralised loan tender on Wednesday, it said on its pages.

The bank offers one-week, 3-month, 6-month, 12-month loans, as well as loans for 3 years and 5 years to commercial banks at fixed interest rates. It allotted the total amount on the 5-year tenor at a fixed rate of 0.75%.

Hungary’s central bank unexpectedly lowered its base rate by 15 basis points to 0.75% on Tuesday, its first such move in four years, responding to greater-than-expected damage to the economy from the coronavirus pandemic. ($1 = 312.11 forints) (Reporting by Gergely Szakacs)

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