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Financial News: Hungary CB Holds Rate Steady For Fourth Month

Hungary CB Holds Rate Steady For Fourth Month

01/30/2018 - 09:29:00 (RTTNews)

(RTTNews) - Hungary's central bank left its interest rates unchanged for a fourth successive month in January.

The Monetary Council of the Magyar Nemzeti Bank kept the base rate at 0.90 percent on Tuesday, in line with economists' expectations. The bank held the rate steady for an eighteenth month in a row.

The previous change in the rate was a 15 basis points reduction in May 2016.

The overnight central bank deposit rate was kept at -0.15 percent, after it was lowered by 10 basis points in September. The rate was cut to negative in 2016.

The lending rate was kept unchanged at 0.90 percent.

"In the Council's assessment, maintaining the base rate and the loose monetary conditions at both short and long ends for an extended period is necessary to achieve the inflation target in a sustainable manner," the bank said in a statement.

"The Council will closely monitor developments in monetary conditions and will ensure the persistence of loose monetary conditions over a prolonged period by using the extended set of monetary policy instruments."

The MNB expects the inflation target to be achieved in a sustainable manner by the middle of 2019. GDP growth was forecast to near 4 percent this year and, then slow from 2019.

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