MNB base rate remains on hold

The National Bank of Hungary's (MNB) Monetary Council decided at a meeting held yesterday that it would keep the central bank's base rate on hold at 2.10%, Hungarian news agency MTI reported.

The rate-setters wound up a two-year easing cycle last July and have said the base rate could stay on hold until the end of 2015. In a statement released following the meeting, the Council said the base rate was “consistent with the medium-term achievement of price stability and a corresponding degree of support for the economy”, noting the assumption was “based on available information”.

“If the assumptions underlying the bank’s projection hold, achieving the medium-term inflation target points in the direction of maintaining current loose monetary conditions for an extended period,” the Council added, reiterating its stand voiced after rate-setting meetings held in previous months. The Council said a “cautious approach to monetary policy is warranted due to uncertainty about future developments in the global financial environment”.

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