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Financial News: Hungary Central Bank Leaves Rates Unchanged For Second

Hungary Central Bank Leaves Rates Unchanged For Second Month

11/21/2017 - 09:00:00 (RTTNews)

(RTTNews) - Hungary's central bank held its interest rates steady for a second straight month on Tuesday,

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

The central bank had cut the key rate by 15 basis points in March last year, which was the first reduction in eight months. Similar size cuts were repeated in April and May last year.

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

The lending rate was kept unchanged at 0.90 percent.

Capital Economics economist Liam Carson expects the bank to reverse course next year and tighten policy as headline inflation is set to rise above target in early-2018.

"But there's a growing risk that policy is kept too loose for too long," the economist said. "That could result in a nastier inflation shock - and more aggressive rate hikes - further down the line."

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