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Financial News: Hungary Central Bank Cuts Key Rates By 25

Hungary Central Bank Cuts Key Rates By 25 Bps

06/18/2024 - 08:58:00 (RTTNews)

(RTTNews) - Hungary's central bank cut the benchmark interest rates by 25 basis points, as widely expected, on Tuesday.

The Monetary Council of the Magyar Nemzeti Bank decided to cut the base rate by 25 basis points to 7.00 percent.

The overnight central bank deposit rate was lowered to 6.00 percent from 6.25 percent and the overnight collateralized loan rate was trimmed to 8.00 percent from 8.25 percent.

The rate was lowered for the ninth straight meeting, and the previous rate change was a 50 basis point reduction at the May meeting.

In May, consumer price inflation rose to a five-month high of 4.0 percent from 3.7 percent in April. The central bank aims to keep inflation in the range of 2-4 percent.

Earlier, Deputy Governor Barnabas Virag said the central bank has limited scope for interest rate cuts in the second half of this year.

Capital Economics' economist Nicholas Farr said the easing cycle will be temporarily paused for most of the rest of this year and that the base rate will end 2024 at 6.50 percent.

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