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Hikes overnight collateralised loan rate to 25% from 15.5%
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Cbank launches new one-day deposit tool at 18%
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Will provide FX from reserves to pay for energy bills
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Measures immediately shore up sliding forint
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Deal with EU on funds, tight fiscal policy is key-analysts
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(Recasts with analysts, context, forint)
By Krisztina Than and Gergely Szakacs
BUDAPEST, Oct 14 (Reuters) - Hungary's central bank on Friday unexpectedly ramped up interest rates and said it would provide foreign currency from its reserves to pay for the country's surging energy imports in an emergency move to shore up the battered forint.

The extraordinary hike in the overnight collateralised loan rate to 25% from 15.5% and the launch of a new one-day deposit tender at a rate of 18% came after the forint slid to record lows versus the euro and the dollar this week, pressured by a widening trade gap and lack of access to European Union funding due to the government's disputes with Brussels.

Last month the EU executive recommended suspending funds worth 7.5 billion euros ($7.29 billion) over what it sees as Hungary's failure to combat corruption and uphold the rule of law, prompting a sell-off in the forint and Hungarian bonds at a time when the dollar is surging and investors are selling riskier emerging markets.


The government has pledged to deliver on its commitments to stave off the suspension of the funds.
Investors also increased their bets against the forint after the Hungarian central bank last month stopped its massive rate-hike cycle with the base rate at 13%, despite inflation still being on the rise.
The forint sell-off prompted the bank to leap into action on Friday, which immediately strengthened the currency.
"In the current turbulent period in financial markets, a key task for the NBH is to ensure market stability, in addition to meeting its primary objective of price stability," the bank said in a statement.
"The NBH stands ready to intervene using every instrument in its monetary policy toolkit to ensure these."
The forint, jumped to 416.50 versus the euro from 428 on the bank's emergency moves and traded around 418.50 at 1212 GMT.
"This can be seen as an emergency rate hike using a tactical weapon," said Peter Virovacz at ING in Budapest.
"This new O/N quick tender provides a temporary, highly effective tool ensuring rapid and flexible implementation of tighter monetary policy condition in turbulent times."
Earlier on Friday Orban said that he had asked the finance minister and the governor of the central bank to at least halve the inflation rate by the end of 2023.
Deputy Governor Barnabas Virag told an online briefing on the decision that the bank would provide foreign currency from its reserves to energy group MVM to pay for energy bills, easing pressure on the forint market where MVM's purchases have been weakening the forint.

Virag said on a monthly basis, this would require 1.2 billion to 1.5 billion euros from foreign exchange reserves until the end of the year.

FX reserves stood at 38.7 billion euros at the end of September. He said this move should help improve supply and demand conditions in the forex market.
"Also, we have launched an overnight rapid deposit tender at 18% and we will continue to hold these tenders in coming days until we see a healthy balance of supply and demand in the FX market," Virag said.

He said coming days would decide how long the bank had to maintain the daily tenders.
When asked if the bank was ready to resume a hike in the base rate if needed, Virag said the available inflation data was "for the time being" in line with the bank's September inflation report, implying the base rate at 13% was appropriate.
However, he also said the bank was continuously monitoring all incoming data in the volatile environment due to the war in Ukraine.

Headline inflation topped 20% in September.
'PUNITIVELY EXPENSIVE'
Analysts said the NBH's measures could stem speculation against the forint and put a floor under the currency in the short term, but the longer-term solution is getting the EU agreement sealed and lowering the budget deficit with disciplined fiscal policy.
Earlier this week the finance minister pledged fiscal prudence.
"They have ...substantially hiked the upper end of the rate corridor from 15.5% to 25%. Even in Hungary that is an eyebrow-raising move," said Viktor Szabo at Aberdeen Standard Investments.
"If you are shorting the HUF and the central bank pushes the funding rates to these levels it becomes punitively expensive to short it." ($1 = 1.0284 euros) (Writing by Krisztina Than, Reporting by Gergely Szakacs and Krisztina Than, additional reporting by Marc Jones in London Editing by Gareth Jones)




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