MNB Policy: Defying Headwinds

HUNGARY - Report 12 Jun 2015 by Istvan Racz
Executive SummaryThe MNB stepped up efforts to ease policy over the past month. In late May, it cut the base rate by another 15 bps to 1.65%, and then in early June, it announced quantitative easing through a reform of its regulatory instruments and mechanism, effective late September. The latter will take place by way of reducing the central bank's sterilization efforts, with the express aim of downsizing the central bank's balance sheet and transferring a part of excess liquidity to the government bond market. This reform can be seen as the renewal of a similar initiative by the MNB in 20...

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