Economists augur 30 bp rate rise at Aug policy meeting - Reuters poll

MNB

MNB headquarters in Budapest.

Most economists polled by Reuters expect the National Bank of Hungary (MNB) to raise its key rate by 30 bp to 1.5% at a policy meeting on Tuesday, according to a report by news agency MTI.

Reuters said on Wednesday that eleven of twelve analysts polled between August 16 and 18 predicted a 30 bp rate hike at the Tuesday meeting.

MNB's Monetary Council started a tightening cycle in June amid spiking consumer prices, raising the base rate by 30 bp, and again by 30 bp in July.

After the July meeting, the council said it "considers it justified to continue the cycle of interest rate hikes by taking firm steps on a monthly basis to ensure price stability, avoid second-round inflationary effects and to anchor inflation expectations".

The minutes from the meeting showed the rate-setters said the scale of the July hike "could be a guide regarding the August decision".

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