Hungarian central bank raises rates for third month running

Central Bank of Hungary
The Central Bank of Hungary
Yelkrokoyade/Wikimedia

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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