MNB base rate up by 100 bps, to 5.4% today

HUNGARY - In Brief 26 Apr 2022 by Istvan Racz
The Monetary Council raised the base rate by more than we expected, but its action corresponded to the median expectation of private sector analysts. By this move, the interest rate corridor rose by 100 bps as well, to 5.4-8.4%, increasing the upward potential for the 1-week deposit rate, the effective sterilisation rate, very substantially.Analysts are now reported to expect a 30 bps increase, to 6.45%, in the 1-week deposit rate on Thursday, allowing for significant convergence between the two rates, as planned.It has been announced that quite exceptionally, governor Matolcsy is going to speak at a press conference at 15:00 today (in less than half-an-hour). On a number of previous occasions, the public was addressed by vice governor Virág after the Council's rate-setting meetings.

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