One-Week Deposit Rate Raised to 9.75% by National Bank of Hungary

  • 8 Jul 2022 10:19 AM
  • Hungary Matters
One-Week Deposit Rate Raised to 9.75% by National Bank of Hungary
The National Bank of Hungary (NBH) raised the rate for its one-week deposit facility by 200 basis points to 9.75 percent on Thursday.

NBH deputy governor Barnabás Virág said late Wednesday that the central bank would raise the one-week deposit rate on Thursday, “reacting decisively” to the situation that has evolved on financial markets in recent days.

The central bank stands ready to use all elements in its toolkit to intervene in the interest of ensuring price stability, he said.

The situation that has developed on financial markets increases inflation risks and “clearly puts price stability at risk”, he added.

The forint had weakened to new historical lows on Tuesday and Wednesday. The one-week deposit rate now stands 200 basis points over the 7.75% base rate.

  • How does this content make you feel?

XpatLoop Media Partner

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.

Explore More Reports

  • 'Invoice Factory' Smashed by Hungarian Tax Authority

    'Invoice Factory' Smashed by Hungarian Tax Authority

    • 26 Aug 2022 9:34 AM

    The National Tax and Customs Office recently raided 42 locations simultaneously, terminating an invoice factory which is suspected of having caused Ft 2 billion worth of damage to the budget, the organisation announced on Thursday.

  • Economy Expands 6.5% in Hungary During Q2

    Economy Expands 6.5% in Hungary During Q2

    • 18 Aug 2022 11:09 AM

    Hungary's GDP grew by an annual 6.5% in the second quarter, the Central Statistical Office (KSH) said in a first reading of data released on Wednesday.

  • Inflation to Peak in Autumn, Says National Bank of Hungary Director

    Inflation to Peak in Autumn, Says National Bank of Hungary Director

    • 1 Jul 2022 7:49 AM

    Inflation is expected to peak in autumn 2022, then gradually subside until it reaches the central bank’s tolerance band at the end of 2023, and the NBH target of 3% by 2024 H1, according to Gergely Baksay, director of the National Bank of Hungary (NBH).