Hungarian Banks Now Trade Forints Direct But FX Dealers There Still Have A Lot To Learn
BANKS
Hungarian commercial banks are getting their first taste of dealing direct in the domestic interbank market. As of July 1, 18 Hungarian commercial banks had signed up to trade the forint against hard currencies within a range monitored by the central bank, the National Bank of Hungary (NBH). The banks can also trade forwards and swaps, though rates more than three months out are understandably scarce.
The latest move puts an end to the prior constraints, which required all banks to buy and sell
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