Magyar Nemzeti Bank Left Repo Rate at 9.5%

March 23, 2009

Hungary’s central bank left its benchmark interest rate unchanged as expected and released a statement that identified supporting the forint and avoiding the adverse ramifications of further currency depreciation as the dominant policy guide at this time.  The CPI has fallen to levels that officials consider consistent with price stability. but higher import prices are an upside risk.  Growth prospects have worsened.  Officials revealed that a rate increase had been discussed but that a strong majority of policymakers favored the decision of no change.

Copyright 2009 Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.


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