WOOD Flash – Hungary macro: MNB strengthens its hawkish bias
At its meeting yesterday (22 March), the Monetary Policy Committee at the MNB decided to raise the base rate by 100bps, to 4.40%. The quicker move did not come as a surprise and was rather intended to catch up with the 1W deposit rate, which had risen to 5.85% in the past few weeks. Against the backdrop of the worsening inflation outlook, the tone at the meeting was much more hawkish than before, suggesting that quicker hikes are in the pipeline in the months ahead. Therefore, we have revised our policy rate forecast upwards, and now expect the base rate to reach 8.00% by the end of this year and 5.50% by end-2023E.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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