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Analysts expect base rate to stay on hold at Tuesday meeting

MNB

Analysts surveyed by Reuters expect the Monetary Council to leave the central bank MNB's key rate on hold at 6.00% at a meeting on Tuesday. 

All 22 analysts surveyed by Reuters said rate-setters would leave the base rate unchanged.

The poll was carried out on August 12-16.

Data published on August 16, the last day of the survey, showed Hungary's GDP grew an unadjusted 1.5% in Q2 from the same period a year earlier, slowing from 2.5% growth in the previous quarter. Analysts had put GDP growth for the period at 2.1-2.3%.

The surprise slowdown could put pressure on rate-setters to loosen monetary policy.

Just three analysts in the Reuters poll projected a rate cut by the end of the year of 20 who submitted responses.

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