MNB key rate drops to 3.80%

MNB

The National Bank of Hungary (MNB) announced its key interest rate today, with the new rate 3.80%; though this was presented as “slowing the pace of the year-long easing cycle,” the 0.20% cut was nevertheless higher than the 0.10% that MNB governor György Matolcsy had suggested last month.

In late July, along with an announced 0.20% cut to bring the key rate to 4%, Matolcsy stated that the central bank’s base rate could fall to as low as 3% before cuts ended and that inflation, financial stability and “the real economic situation” would be prime factors in further decisions about rate cuts as the easing cycle continues.

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