Rate-setters Justify ‘Patient Approach’ at Dec Meeting

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Members of the Monetary Council of the National Bank of Hungary (MNB) acknowledged the agreement reached on the country's European Union funding as a positive development concerning risk perceptions, according to a report by state news wire MTI.

Despite that, they said a "patient approach" to monetary policy was warranted at their monthly rate-setting meeting in December, according to minutes from the meeting released on the central bank's website yesterday.

"Members […] pointed out that developments in risk perceptions continued to be of great significance, and that the agreement with the European Union was a positive development in this respect," according to the minutes.

"However, decision-makers argued that a patient approach was warranted and that it was necessary to maintain the [MNB]'s targeted measures and the interest rate on the one-day deposit tender at 18% until a sustained trend improvement in risk perceptions occurred," they continue.

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