The Magyar Nemzeti Bank (MNB) announced its one-week deposit tender on Thursday at 4.30 per cent, 30 basis points higher than in the previous week. Following an increase in the key interest rate of 50 basis points on Tuesday, market analysts expected the key rate to increase below the base rate to reach two times over time, but expected a higher increase of 40 basis points.
The forint weakened in the morning and then strengthened following the announcement of the deposit tender; the euro was quoted at HUF 360.30, the dollar at HUF 321.70 and the Swiss franc at HUF 347.12 on the interbank market at three quarters of ten
50 basis points at the interest rate decision of the Monetary Council of the Magyar Nemzeti Bank on Tuesday It raised the central bank base rate to 2.90 percent and raised both sides of the interest rate corridor by the same amount. The interest rate on overnight deposits was thus 2.90 per cent and the interest rates on overnight and one-week secured loans were 4.90 per cent
At its interest rate meeting meeting in December last year, the central bank raised the key bank interest rate by 30 basis points to 2.4 per cent, while the interest rates on overnight and one-week secured loans rose by 30 basis points to 4.4 per cent.
Following the interest rate decision, Barnabás Virág, Deputy Governor of the Magyar Nemzeti Bank, announced that monetary tightening would continue at a faster pace, raising not only the base rate but also the one-week deposit rate. . In the coming months, the January move will be the starting point. The level of the base rate will gradually reach the level of the one-week deposit rate, the narrowing of the spread between the two rates started already in January and may end in the first half of the year. He confirmed the analysts’ expectation that monthly decisions would have to be made, with a monthly change in the one-week deposit rate following the decision on the base rate.
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