The Hungarian inter-bank money market experienced big changes in liquidity and interest rates between 1998 and 1999. Fluctuations were caused by the Russian crisis, changes in monetary policies, and banks not managing their money well. The study found that these fluctuations affected the 3-month inter-bank interest rate. Shortening the maturity of the central bank's key policy instrument helped stabilize liquidity, but didn't fix all the market's problems.