MNB keeps 1-week deposit rate at 6.15%

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The National Bank of Hungary (MNB) left the rate for its one-week deposit facility unchanged at 6.15% ahead of a tender on Thursday, according to a report by state news wire MTI.

A week earlier, the one-week deposit rate was raised by 30 bp, days after MNB policymakers raised the central bank's base rate by 100 bp to 4.4% at a monthly policy meeting.

After the monthly policy meeting, the MNB's Monetary Council said the base rate will "gradually catch up" to the level of the central bank's one-week deposit facility "in the coming months", adding that MNB "continues to stand ready to respond quickly and flexibly by setting the interest rate on the one-week deposit instrument if warranted by short-term risks in financial and commodity markets".

At a press conference after the meeting, MNB deputy-governor Barnabás Virág said the timing for the convergence of the base rate and the one-week deposit rate would be "determined by the development of outlooks and risks".

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