MNB to review inflation-targeting system

Analysis

Image by Jessica Fejos

Hungary’s central bank will conduct a review of its inflation-targeting system next year as part of its regular practice, the National Bank of Hungary (MNB) said, adding that the current system has been working well, reuters.com reports.

Image: Jessica Fejos

In a reply to emailed Reuters questions, the MNB said the tolerance range around its 3% inflation target, which it introduced in March 2015 as part of its last review to make the system more flexible, has worked and is able to handle uncertainties related to measuring inflation.

The MNB says that the driving forces behind inflation trends have changed and that the digital age posed further challenges for central bankers when it comes to tackling inflation.

“In light of developments, the MNB from time to time reviews the framework of the inflation targeting system applied in Hungary,” the bank said.

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