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Financial News: Hungary Maintains Benchmark Interest Rates

Hungary Maintains Benchmark Interest Rates

08/21/2018 - 08:16:00 (RTTNews)

(RTTNews) - Hungary's central bank maintained its benchmark interest rates 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 kept unchanged at 0.90 percent.

Liam Carson, an economist at Capital Economics, said the central bank is likely to begin tightening monetary conditions before the end of this year.

As inflation remains above the 3 percent target and wage growth continues to outstrip productivity growth, the economist expects to see more hints that the MPC will rein in ultra-loose monetary policy at September's meeting, when the Bank is set to release a fresh set of economic forecasts.

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