MNB Monetary Council leaves base rate unchanged at 0.60%

MNB

Image by Jessica Fejos

The Monetary Council of the National Bank of Hungary (MNB) decided to leave the central bank base rate unchanged at 0.60% at a monthly policy meeting on Tuesday, according to an announcement on the MNBʼs website.

Photo by Jessica Fejos

The decision followed two consecutive 15 base point rate cuts at policy meetings in June and July.

Council members agreed in July that the 0.60% base rate supports price stability, financial stability and the economic recovery and said it was important to maintain a "safe distance" from the range close to zero.

The Council also decided on Tuesday to leave the O/N deposit rate at -0.05% and the O/N and one-week collateralized loan rates at 1.85%.

The O/N deposit rate and the collateralized loan rate mark the bottom and the top, respectively, of the central bankʼs "interest rate corridor."

The base rate is paid on mandatory reserves and preferential deposits.

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