NBH Minutes Revealed: Vote to Leave Base Rate on Hold in Hungary was Unanimous
- 12 Feb 2026 12:35 PM
Members of the Monetary Council of the National Bank of Hungary (NBH) agreed that maintaining a positive real interest rate ensured the sustainable achievement of the inflation target, the minutes from a monthly policy meeting in January show.
"Certain Council members highlighted that with declining inflation, rising real interest rates increased the room for manoeuvre for monetary policy," the minutes of the meeting on January 27 said.
"They also agreed that the stability of the foreign exchange market and the continued resilience of financial markets remained of key importance in achieving price stability," the minutes added.
In the Council members' assessment, the inflation outlook was in line with the December projection; however, incoming data for December were "slightly higher than expected" in the central bank's latest Inflation Report.
Several Council members pointed out that the repricings at the start of the year were of particular importance regarding the development of inflation, and that January inflation data - to be published on February 12 - would serve as a point of reference.
The minutes confirmed that the vote to leave the base rate on hold at 6.50pc was unanimous.
Minutes of the Monetary Council meeting of 27 January 2026
Source: MTI – Hungary’s national news agency since 1881. While MTI articles are usually factual, some may contain political bias, and readers should be aware that such content does not reflect the position of XpatLoop, which is neutral and independent.
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