MNB left interest rates unchanged
NBP’s Belka reiterates that rate cut in October is likely
Yesterday’s meeting of the Hungarian central bank (MNB) brought no major surprise. The central bank left its interest rates unchanged and said that “based on available information, the current level of the central bank base rate is consistent with the medium-term achievement of price stability and a corresponding degree of support to the economy”. Quite interestingly, the bank barely mentioned recent ECB policy easing and only said that international investor sentiment had been volatile due to several factors (the ECB cut was explicitly listed). Let us recall that the MNB said earlier that its maneuvering space had widened as a result of the ECB move.
Read the full report: FX Daily
