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Economic Sentiment Falls in March; NBH Rate Decision Takes Focus This Week

HUNGARY
  • Hungary's GKI economic sentiment fell to -17.2 in April from -13.8 in March, according to data released by GKI Economic Research overnight. Business confidence fell to -7.7 from -3.2 in March while consumer confidence fell to -44.3 from -43.8.
  • President Katalin Novak rejected a bill that would enable citizens to anonymously report same-sex families to authorities, a rare rebuke from an otherwise loyal ally to Prime Minister Viktor Orban, Bloomberg report. President Katalin Novak sent the bill back to parliament for reconsideration, saying that it weakens rather than strengthens constitutional protections. Hungary’s hardline stance on LGBTQ rights was one of the reasons why Hungary was cut off from European Union funding.
  • There are no major data releases scheduled today, with tomorrow’s NBH rate decision taking focus this week. The key and effective rate are expected to remain unchanged at 13% and 18% respectively while the upper end of the rate corridor will likely be cut from 25% as per guidance from Deputy Governor Virag.
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