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interest rate

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National Bank Raises Prime Interest Rate again

Jul 26, 2022

This Tuesday, the National Bank of Hungary (MNB) raised its base rate by one percentage point, bringing the base rate, which is again the benchmark rate, from 9.75% to 10.75%. The last time the interest rate was this high was in late 2008, during the height of the global financial crisis, when it was cut […]

Hungary Delivers Steepest Rate Hike Since 2008 Global Crisis

Jul 1, 2022

The National Bank of Hungary delivered the biggest rate cut since 2008, surprising the markets with the size of the move. The monetary decision came after the forint weakened to levels never seen before. The Hungarian central bank raised the base interest rate by 185 basis points to 7.75% this week and policy makers aligned […]

Hungary Delivers Unexpected Rate Hike as Forint Weakens to Record Level

Jun 17, 2022

The National Bank of Hungary surprised markets when it unexpectedly raised the key interest rate as monetary policy setters seek to put a floor under the sliding forint. In the face of double-digit inflation and massive wage increases, the central bank has to keep raising borrowing costs to keep Hungarian financial assets competitive. The National […]

Hungary’s Top Banker Sees Need for Severe Austerity Measures

Apr 29, 2022

Sándor Csányi, chairman of Hungary’s largest commercial bank OTP, warned that the Hungary needs a budget adjustment of up to HUF 1,700 billion. The war in the Ukraine, international energy prices and the outcome of Hungary’s standoff with the European Union will decide the exact extent and nature of the budget adjustment, according to Csányi. […]

Hungarian mortgage borrowers in hot water

Apr 1, 2022

The Hungarian central bank’s tightening cycle, the most aggressive in the European Union, has led to an increase in loan repayment obligations last seen in the 2008 financial crisis. Once the government’s interest rate stop on retail loans runs out at the end of June, hundreds of thousands of Hungarian families will experience a jump […]

Hungarian Central Bank Delivers Aggressive Rate Hike to Combat Inflation

Mar 25, 2022

The National Bank of Hungary raised massively the EU’s highest key interest rate as it seeks to tamper runaway inflation and bolster the forint. Analysts expect policy makers to continue raising borrowing costs as the war in Ukraine continues to rattle markets. The Monetary Council of the Hungarian National Bank (NBH) raised the central bank […]

Banking Association Does Not Support Interest Rate Stop

Dec 23, 2021

The Hungarian Banking Association says was surprised to learn of the government decision about freezing retail mortgage interest rates for a six-month period from January announced this Wednesday.  The Association issued a statement this Thursday stressing that the key role of the banking sector is to provide long-term, predictable and sustainable financing for the economy, […]

Slight Weekly Increase at the Budapest Stock Exchange

Jun 27, 2021

The stock index of the Budapest Stock Exchange (BSE) rose on a downward trend this week, closing at 48,461.47 points on Friday, 343.75 points, 0.71% higher than the previous week's close, the state news agency MTI reported this Sunday. Turnover on the stock market was HUF 45.75 billion, compared to HUF 67.14 billion last week. […]

Hungary Raises Interest Rates for First Time in 10 Years

Jun 25, 2021

The National Bank of Hungary hiked interest rates this week, becoming the first monetary authority in the European Union to start monetary tightening as it seeks to tame inflation in the aftermath of the COVID pandemic. The bank indicated it would continue to raise borrowing costs due to inflation risks. The Monetary Council of the […]

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