MNB keeps rates on hold, as expected

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The National Bank of Hungary's (MNB) rate-setting Monetary Council decided to keep the central bank's key rate unchanged at 2.10% at a policy meeting today in accordance with expectations, Hungarian news agency MTI reported.

The Council and central bank governor György Matolcsy communicated earlier in February that a decision on any possible rate change would not be made until after a review of the MNB's next Inflation Report, which the Council is not scheduled to discuss until a policy meeting on March 24.

After a rate-setting meeting last July, the Council said it had wound up an easing cycle initiated almost two years earlier.

At the policy meeting in January, the rate-setters acknowledged "the risks pointing in the direction of looser monetary policy had increased in the short term", but said a decision on any rate change should be made based on a review of the March Inflation Report.


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