Hungary eases policy for first time since September 2024
Governor insists central bank is ‘not starting a rate cutting cycle’
Hungary’s central bank has cut rates for the first time in 16 months.
The Central Bank of Hungary (MNB) justified its decision to ease policy 25 basis points to 6.25% by saying annual inflation had fallen to 2.1% in January and had therefore developed in line with the bank’s December projections.
The MNB’s governor, Mihály Varga, also cited “improving base effects” in price growth. Varga said inflation had eased primarily thanks to the forint’s appreciation over the past year, and that a 25bp cut
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