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Daily News Daily News · 24/09/2019
· Business

Hungarian monetary policy makers keep base rate on hold

economy Hungary National Bank of Hungary
Daily News Hungary

The Monetary Council of the National Bank of Hungary (NBH) decided to keep the central bank O/N deposit rate at -0.05 percent and the base rate at 0.90 percent at a monthly policy meeting on Tuesday. The decision was in line with expectations.

In a statement released after the meeting, the council said risks to inflation had become asymmetric as downside risks strengthened further because of the slowdown in Europe and a loosening of monetary policy by big central banks.

Because of the base effect of a fall in fuel prices last year, headline inflation is “likely to rise again until the end of 2019, and then to stabilise at the level of the 3 percent inflation target following a gradual decline”, the council said.

Core inflation excluding indirect tax effects, a bellwether indicator of underlying inflation which rate-setters follow closely, is expected to “rise slightly” in the coming months “before decreasing to 3 percent along a lower than previously expected path, due to external disinflationary effects”, the council added.

As we wrote a few days ago, Hungary is today among the fastest growing economies in the European Union, thanks to well-performing companies, the work of Hungarian employees and effective economic policy, Finance Minister Mihály Varga said.

https://dailynewshungary.com/public-workers-unions-call-nationwide-strike-for-october-10/

Source: mti

economy Hungary National Bank of Hungary
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