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MNB Raises 1-Week Deposit Rate by 100 bp to 11.75%

MNB

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The National Bank of Hungary (MNB) raised the rate for its one-week deposit facility by 100 bp to 11.75% 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 MNB's base rate by 100 bp to 11.75%.

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 reiterated that "the further rise in inflation and persistent inflation risks warrant the decisive continuation of the tightening cycle."

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