MNB raises 1-week deposit rate by 100 bp to 10.75%

MNB

The National Bank of Hungary (MNB) raised the rate for its one-week deposit facility by 100 bp to 10.75% ahead of a tender on Thursday, keeping the rate in tandem with the base rate, according to a report by state news wire MTI.

The tightening followed a decision by central bank policymakers on Tuesday to raise the MNB's base rate by 100 bp to 10.75%.

The rate-setters had said after their monthly policy meeting that it was "warranted" to raise the one-week deposit rate by the same degree as the base rate.

MNB's Monetary Council also reiterated that the central bank stands ready to "respond quickly and flexibly" by setting the one-week deposit rate "if warranted by the rise in short-term risks in financial and commodity markets".

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