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Central Bank Responds to Criticism From Banking Sector

HUNGARY
  • Hungary’s central bank has said breaking down inflation and restoring price stability is a common goal for the entire economy and that banks and companies should also take part in fight against inflation after criticism from a lobby group for the banking industry said yesterday that the sector may suffer additional losses of an annual HUF100b ($282 million) after the latest changes to required reserve ratios and interest rates.
  • While excess reserves placed at the central bank will now pay the effective rate (18%) instead of the base rate (13%), lenders’ required reserve ratios will double to 10% in April and an interest of 9.75% will be paid on those reserves, instead of the higher O/N rate. This will further increase the banking sector’s losses from the extended windfall tax, the lobby group said.
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