MNB leaves 1-week deposit rate on hold

MNB

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The National Bank of Hungary (MNB) left the rate for its one-week deposit facility on hold at 5.85% ahead of a tender on Thursday, according to a report by state news wire MTI.

The rate is 245 bp over the 3.4% base rate.

MNB had raised the one-week deposit rate by 50 bp a week earlier and by 75 bp a week before that, acknowledging the impact of the war in Ukraine.

MNB policymakers said after their last bi-monthly meeting that the central bank is prepared to use the one-week deposit rate to "respond quickly and flexibly to commodity and financial market risks arising from the rapidly changing environment".

"The [MNB] stands ready to intervene in order to ensure the stability of the financial system using all instruments of its monetary policy toolkit," the rate-setters added.

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