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Financial News: Hungary Holds Rates Steady Again

Hungary Holds Rates Steady Again

07/24/2018 - 10:38:00 (RTTNews)

(RTTNews) - Hungary's central bank left interest rates unchanged on Tuesday, in line with economists' expectations.

The Monetary Council of the Magyar Nemzeti Bank decided to keep the base rate at 0.90 percent. The previous change in the rate was a 15 basis points reduction in May 2016.

The overnight central bank deposit rate was retained at -0.15 percent, after it was trimmed by 10 basis points last September. The rate was slashed to negative in 2016.

The one-week collateralized loan rate was maintained at 0.90 percent.

"In the Council's assessment, maintaining the base rate and the loose monetary conditions is still necessary to achieve the inflation target in a sustainable manner," the bank said in a statement.

"The current volatile international environment suggests a more cautious approach."

The bank expects attain its inflation target in a sustainable manner from mid-2019, as the temporary, inflation boosting effects of oil price changes fade. In parallel with the pick-up in domestic demand, Hungarian economic output is close to its potential level, the MNB noted. The bank expects growth to pick up further this year, and to slow down gradually from 2019.

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