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Country Report Hungary Product Image

Country Report Hungary

  • Published: July 2014
  • Region: Hungary
  • 27 Pages
  • The Economist Intelligence Unit

On July 22nd the monetary policy council (MPC) of the National Bank of Hungary (NBH, the central bank) cut its benchmark interest rate again, by 20 basis points, to a record-low 2.1%, but said that this was the end of the two-year easing cycle.

The MPC said that raising annual inflation from -0.3% in June to the 3% medium-term target required the larger than expected interest-rate cut, but no further easing, and that it wanted to end uncertainty over the interest-rate floor.

Macroeconomic prospects point towards continued relaxed monetary conditions, the MPC said. The NBH governor, Gyorgy Matolcsy, indicated that the MPC would like to hold rates until at least end-2015, assuming that inflation was on track. The NBH expects 0% average annual inflation in 2014 and 2.5% in 2015.

Country Report Hungary

NBH cuts rate again but announces end of easing cycle
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