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Hungarian Policy Makers Keep Base Rate On Hold

• 25 Sep 2019 6:07 AM
• Hungary Matters

The Monetary Council of the National Bank of Hungary (NBH) decided to keep the central bank O/N deposit rate at -0.05% and the base rate at 0.90% at a monthly policy meeting.

The decision was in line with expectations. In a statement released after the meeting, the council said risks to inflation had become asymmetric as downside risks strengthened further because of the slowdown in Europe and a loosening of monetary policy by big central banks.

Because of the base effect of a fall in fuel prices last year, headline inflation is “likely to rise again until the end of 2019, and then to stabilise at the level of the 3% inflation target following a gradual decline”, the council said.

Core inflation excluding indirect tax effects, a bellwether indicator of underlying inflation which rate-setters follow closely, is expected to “rise slightly” in the coming months “before decreasing to 3% along a lower than previously expected path, due to external disinflationary effects”, the council added.

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Launched in January 2014, this newsletter published on week days covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI.

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