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Hungary Central Bank Raises Base Rate Again

• 28 Jul 2021 9:23 AM
• Hungary Matters

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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• Hungary Central Bank Base Rate

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Hungary Matters

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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