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Monetary Council August 25 vote was unanimous

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Photo by Jessica Fejos

The National Bank of Hungaryʼs (MNB) Monetary Council voted unanimously to keep the central bankʼs key rate on hold at 1.35% at a policy meeting on August 25 the condensed minutes from the meeting released yesterday show, Hungarian news agency MTI reported.

The decision was widely expected, after the rate-setters clearly signaled an end to an easing cycle at the previous monthly policy meeting.

"Members voted unanimously in favor of maintaining the base rate and agreed that if the assumptions underlying the Bankʼs projections held, the current level of the base rate and maintaining loose monetary conditions for an extended period were consistent with the medium-term achievement of the inflation target and a corresponding degree of support to the economy," according to the minutes, echoing statements made after both the monthly policy meetings in August and in July.

Eight Council members were present at the meeting. A ninth member, deputy-governor Ádám Balog, earlier left his post to become chairman-CEO of the state-owned MKB Bank. He was replaced by central bank managing director Márton Nagy, effective September 1.

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