Central bank leaves key rate on hold at 0.9%

EU

Photo by Jessica Fejos

The Monetary Council of the National Bank of Hungary (MNB) decided to leave the central bankʼs base rate on hold at 0.90% at a policy meeting today, Hungarian news agency MTI reported. The decision was as expected.

The Council signaled an end to an easing cycle at a policy meeting in May and has since stood by its position on keeping the base rate on hold, while leaving room for the possibility of using unconventional tools of monetary policy. 

The Council also left the interest rate corridor, a band around the base rate that prevents extreme fluctuations of interbank rates, unchanged at the meeting today. The O/N collateralized loan rate, the top of the range, stands at 1.15%, while the O/N central bank deposit rate is -0.05%.

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