Hungarian central bank raises rates again amid EU dispute

MNB downplays role of weakening currency and says external factors are driving inflation

hungary central bank headquarters
The MNB headquarters in Budapest

The monetary policy committee of Hungary’s central bank raised its policy rates for the second time this month on July 26.

The Hungarian National Bank (MNB) raised all four rates by 100 basis points, raising the base rate to 10.75%, its highest level since December 2008. It also raised the overnight deposit rate to 10.25%, and both the overnight and one-week collateralised lending rates to 13.25%.

Year-on-year inflation in Hungary reached 11.7% in June, having risen for all but one of the

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