Magyar Nemzeti Bank

January 26, 2016

Hungary’s base rate was left at 1.35% as expected after the first monetary council meeting of 2016.  This level represents a record low.  From March through July of last year, it was cut 15 basis points each monthly meeting and dropped to 1.35% from 2.10% as a result.  Today’s statement talks of slower growth, a longer interval before Hungary’s negative output gap disappears, a consequential need to keep monetary conditions in Hungary very loose of the entire forecast horizon, and addition risk from deteriorating global financial markets this month.  Officials seek lower long-term interest rates.

Copyright 2016, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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