Hungary Central Bank Watch Report
We expect the MPC to maintain the base rate unchanged after the expected hold decision in June. Risks for second-round effects on the inflation outlook have subsided, the MPC said in May and clearly indicated that the current 0.90% policy rate corresponded to achieving the mid-term inflation target and providing appropriate degree of support to the economy. In July, the NBH introduced changes to the monetary policy framework, including limits on the three-month deposit facility and making the related tenders less frequent. Subsequently, he MPC signalled that the fine-tuning of the monetary policy stance might be over for the time being since it dropped a reference to the possible use of unorthodox instruments from its July sitting statement. The MPC observed that the change in the framework will support further reduction in external vulnerability and will encourage lending. The NBH will continue to monitor the effects of the implemented changes, the MPC said and reminded that the NBH will decide on the limit of the three-month deposit in September..
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