MNB Raises 1-Week Deposit Rate by 100 bp to 11.75%
Image by posztos / Shutterstock.com
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."
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.