MNB Raises 1-Week Deposit Rate to 13%, Level With Base Rate

MNB

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The National Bank of Hungary (MNB) raised the rate for its one-week deposit facility by 125 bp to 13% ahead of a tender on Thursday, keeping it in tandem with the base rate, according to a report by state news wire MTI.

The central bank's Monetary Council decided at a monthly policy meeting on Tuesday to raise the base rate by 125 bp to 13% and bring an end to the tightening cycle, though maintaining tight monetary conditions over a "prolonged period" while taking measures to tighten liquidity and further enhance monetary transmission-

The council said after the meeting that it was "warranted" to raise the one-week deposit rate by the same degree as the base rate.

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