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Erste Bank: Complexity Of Monetary Policy Toolkit Has Again Increased

  • The forint reacted with immediate quick strengthening to the announcement, while the 3M Bubor interbank market rate increased above 16%.
  • Erste Bank believe that the measures could help stabilizing the EURHUF, however, the complexity of the monetary policy toolkit has again increased.
  • The 13% policy rate seems to have again lost his relevance. According to Vice Governor Virag, the policy rate is capable of managing fundamental inflation trends. In the coming days, short term rates at every sub market would be implemented to the much higher deposit rate.
  • Erste have put their short term rate forecasts under revision after the announcements.

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