Hungary raises supplemental rate as currency hits record low

Central bank will make greater use of FX swaps as deputy governor says inflation will fall

Central Bank of Hungary
The Central Bank of Hungary

Hungary’s central bank raised a supplemental interest rate on June 16, acting outside its recent monetary policy framework, as the country’s currency hit record lows.

The Central Bank of Hungary (MNB) raised the one-week deposit rate by 50 basis points to 7.25%, one day after the US Federal Reserve’s 75bp hike. On the same day as the MNB’s action, Hungary’s forint reached what were then all-time record lows against both the US dollar and the euro.

The MNB did not issue an official statement on

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