No rate hike, no surprise at today's deposit tender

HUNGARY - In Brief 31 Mar 2022 by Istvan Racz
The usual Thursday tender for 1-week deposits has been called with an unchanged 6.15% fixed interest rate by the MNB today.On this occasion, a further rate hike would have been surprising for two reasons:- The forint is currently (slightly) stronger than EURHUF 370, the level which the MNB has been seen as systematically defending lately; and- Election is coming in three days. It is quite rare that a central bank raises a key interest rate without any serious reason immediately before an election, especially if the central bank's management is known to be friendly to the governing party.

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