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The minutes of the meeting on December 16 show the policymakers discussed a single option and took the decision to leave the base rate unchanged in line with the central bank’s “stability-oriented approach”.
The council pointed to uncertainty regarding the inflation outlook resulting from the development of corporate repricing in early 2026. They also said that the stability of the FX market remained “crucial” in achieving price stability.
The decisionmakers stressed that a “predictable” financial market environment that would bring price stability closer was supported by credible monetary policy but also influenced by changes to the overall risk perception of Hungary.
The members agreed that a “careful and patient” approach to monetary policy was still warranted, but a “data-driven” approach would become necessary for future decisions.
“The Council would constantly assess incoming macroeconomic data and factors influencing the inflation outlook, based on which decisions on the base rate would be made in a cautious and data-driven manner from meeting to meeting,” according to the minutes.
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