FOREX TradingCharts.com

Financial News: Hungary Central Bank Leaves Rates Unchanged

Hungary Central Bank Leaves Rates Unchanged

05/25/2021 - 11:59:00 (RTTNews)

(RTTNews) - Hungary's central bank left its key interest rates unchanged on Tuesday, citing increased inflation risks.

The Monetary Council of the Magyar Nemzeti Bank decided to keep the base rate at 0.60 percent, as economists had expected.

The bank had reduced the rate by 15 basis points each in June and July 2020. The rate cut in June was the first in more than four years.

The overnight central bank deposit rate was retained at -0.05 percent and the one-week collateralized loan rate was maintained at 1.85 percent.

"In the Monetary Council's assessment, the upside risks related to the outlook for inflation have generally increased," the central bank said in a statement.

The bank expects a sustained rise in commodity prices and international freight costs to result in a higher external inflation environment.

"Temporary demand-supply frictions due to the rapid restart of the domestic economy, renewed tightening of labor market capacities expected in certain sectors combined with dynamic wage growth have increased inflation risks," the bank said.

Hungary has one of the top rates of vaccination against the coronavirus in Europe. The bank expects the restart of the economy to have picked up significantly in the second quarter, as a result of the earlier opening than the European average. This is expected to support a rapid recovery of Hungarian GDP that is forecast to grow in double digits in the second quarter.

Economic growth this year is forecast to be close to the upper end of the March projection band of 4-6 percent. Hungary's economic performance is expected to reach pre-pandemic levels no later than in the fourth quarter of 2021, the bank said.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Greece Current Account Deficit Widens In April (14 hr(s), 01 min(s), 44 sec(s) ago)
(RTTNews) - Greece's current account deficit widened notably in April from the last year due t ...Full Story»

UK Inflation Expectations Slow In May: BoE/Kantar Survey (14 hr(s), 16 min(s), 44 sec(s) ago)
(RTTNews) - Britons' inflation expectations for the coming year slowed in May, the latest Bank ...Full Story»

Portugal Producer Prices Accelerate In May (15 hr(s), 54 min(s), 44 sec(s) ago)
(RTTNews) - Portugal's producer prices accelerated in May, figures from Statistics Portugal sh ...Full Story»

UK Retail Sales Decline In May (16 hr(s), 09 min(s), 44 sec(s) ago)
(RTTNews) - UK retail sales dropped in May as the reopening of all retail sectors and the easing o ...Full Story»

Croatia Jobless Rate Falls In May (17 hr(s), 05 min(s), 44 sec(s) ago)
(RTTNews) - Croatia's jobless rate declined in May, figures from the Croatian Bureau of Statis ...Full Story»

Eurozone Current Account Surplus Rises In April (18 hr(s), 13 min(s), 44 sec(s) ago)
(RTTNews) - The euro area current account surplus increased in April, the European Central Bank re ...Full Story»

Poland Average Gross Wages Rise In May (18 hr(s), 28 min(s), 44 sec(s) ago)
(RTTNews) - Poland's average gross wages rose in May, data from Statistics Poland showed on Fr ...Full Story»

BoJ Keeps Stimulus Unchanged; Mulls Funding Plans To Address Climate Change (19 hr(s), 32 min(s), 44 sec(s) ago)
(RTTNews) - The Bank of Japan maintained its massive monetary stimulus and announced the introduct ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Greece Current Account Deficit Widens In April

06/18/2021 - 09:10 AM (RTTNews)
(RTTNews) - Greece's current account deficit widened notably in April from the last year due t ...Full Story>>

UK Inflation Expectations Slow In May: BoE/Kantar Survey

06/18/2021 - 08:55 AM (RTTNews)
(RTTNews) - Britons' inflation expectations for the coming year slowed in May, the latest Bank ...Full Story>>

Portugal Producer Prices Accelerate In May

06/18/2021 - 07:17 AM (RTTNews)
(RTTNews) - Portugal's producer prices accelerated in May, figures from Statistics Portugal sh ...Full Story>>

UK Retail Sales Decline In May

06/18/2021 - 07:02 AM (RTTNews)
(RTTNews) - UK retail sales dropped in May as the reopening of all retail sectors and the easing o ...Full Story>>

Croatia Jobless Rate Falls In May

06/18/2021 - 06:06 AM (RTTNews)
(RTTNews) - Croatia's jobless rate declined in May, figures from the Croatian Bureau of Statis ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.