Central bank leaves base lending rate at 2.10%

Analysis

As expected, the National Bank of Hungary's Monetary Council decided to leave the base lending rate unchanged at 2.10% at a meeting yesterday, state news agency MTI reported. 

After the previous rate-setting meeting in July, the Council said it had wound up an easing cycle started almost two years earlier. The Council said the base rate had "reached a level which ensures the medium-term achievement of price stability and a corresponding degree of support for the economy". According to the minutes of the meeting, the Council saw "persistently loose monetary conditions" in the macroeconomic outlook, although noting that a "cautious approach to policy" was warranted because of "uncertainty about future developments in the global financial environment".

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