Hungary Central Bank Raises Base Rate Again

  • 28 Jul 2021 9:23 AM
  • Hungary Matters
Hungary Central Bank Raises Base Rate Again
Hungarian rate-setters raised the central bank’s base rate by 30 basis points to 1.20% at a scheduled meeting on Tuesday, while they also changed the interest rate corridor.

The interest rate corridor is now between minus 0.25% and 2.15%.

The primary objective of the Magyar Nemzeti Bank (MNB) is to achieve and maintain price stability.

Without prejudice to its primary objective, the Magyar Nemzeti Bank preserves financial stability and supports the Government’s economic policy, as well as its policy on environmental sustainability under the Bank’s extended mandate effective from 2 August 2021.

Over the past months, the reopening of economies has begun, the pace of which has been driven by developments in the pandemic and the population’s vaccination level.

World trade and global industrial production are already above the levels seen before the pandemic.

In June, forward-looking confidence indicators of the manufacturing and services sectors suggested a positive outlook.

However, a repeated pick-up in case numbers in recent weeks indicates that the fourth wave of coronavirus is approaching.

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