Hungarian central bank raises rates for third month running

MPC cautions inflationary pressures remain and forecasts return to target in mid-2022

Central Bank of Hungary
The Central Bank of Hungary

The Central Bank of Hungary’s monetary policy committee tightened rates today (August 24) for the third consecutive month, forecasting inflation would remain above target until mid-2022.

The MNB’s MPC increased its base rate by 30 basis points to 1.5%. This in turn led to a 30bp raise for its other three policy rates, which all have a fixed relationship to the base rate.

Year-on-year inflation in Hungary was 4.6% in July 2021, above the central bank’s target of 3% within a one percentage point

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