MNB raises base rate by 100 bp to 10.75%
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The Monetary Council of the National Bank of Hungary (MNB) raised the central bank base rate by 100 bp to 10.75% at a monthly policy meeting on Tuesday, according to a report by state news wire MTI.
The council had raised the base rate by 200 bp to 9.75just two weeks earlier, taking the extraordinary measure at a non-rate-setting meeting to keep the key rate in tandem with the one-week deposit rate.
The council also decided on Tuesday to raise the O/N deposit rate by 100 bp to 10.25% and the O/N and one-week collateralized loan rates by 100 bp to 13.25%.
The O/N deposit rate and the collateralized loan rate mark the bottom and the top, respectively, of the central bank's "interest rate corridor". The base rate is paid on mandatory reserves.
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