Hungary holds rates as economic outlook nosedives
MNB’s annual growth forecasts are significantly lower than the government’s
The Central Bank of Hungary (MNB) has held rates while cautioning that the country’s economy had underperformed the bank’s forecasts in March.
When announcing the decision on June 24 to keep the policy rate at 6.5%, MNB governor Mihály Varga said the economy had stagnated in the first quarter of this year. He added that high-frequency data from recent months continued to hint at “subdued performance”, notwithstanding the strong growth in household consumption.
The MNB is currently expecting GDP to
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