MNB raises 1-week deposit rate 30 bp to 6.15%


Image by posztos /

The National Bank of Hungary (MNB) raised the rate for its one-week deposit facility by 30 bp to 6.15% ahead of a tender on Thursday, according to a report by state news wire MTI.

The increase followed a decision on Tuesday by policymakers to raise the central bank's base rate by 100 bp to 4.4%.

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".

Between the Monetary Council's monthly policy meeting in February, which took place days before the outbreak of the war in Ukraine, and the March meeting, the one-week deposit rate was raised by a combined 155 bp.

Housing Loan Market Booms in H1 Banking

Housing Loan Market Booms in H1

Hungary to Host Next EPC Summit Int’l Relations

Hungary to Host Next EPC Summit

New Tenants at Academia Offices Office Market

New Tenants at Academia Offices

Visitor Numbers, Guest Nights Climb in H1 Tourism

Visitor Numbers, Guest Nights Climb in H1


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.