Central bank raises base rate 25bp to 8%
The Monetary Council of the National Bank of Hungary (MNB) decided to raise the central bank base rate, which is equal to the bank's two-week deposit rate, to 8.0% from 7.75% effective Wednesday at a rate-setting meeting on Tuesday, the bank said.
The rate rise was widely expected, with most of the analysts expecting a 25bp rise and just a minority forecasting a 50bp hike.
The Monetary Council has been raising the base rate at each of its monthly rate-setting meetings since June. The base rate increased by 50bp on September 25, on August 29 and on July 25, after a 25bp hike effective June 20. Before the June rise, the base rate was unchanged since September 20, 2005, when it was reduced 25bp to 6.%.
The Monetary Council said early July it planned to gradually increase rates to bring inflation in line with its midterm target of 3% by 2008, as well as to prevent a temporary pickup of inflation. (MTI-Eco)
ADVERTISEMENT
Bourse Turnover Reaches HUF 181 bln in November
India's G20 Presidency, Dawn of New Multilateralism - Narend...
Production Resumes at Ganz's Szolnok Plant
TikTok Commits to Improved Consumer Communication in Hungary
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.
