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Favourable Risk Environment Allows For Normalisation of Rates, NBH Says

HUNGARY
Key highlights from the press statement:
  • In the Monetary Council’s assessment, the still favourable risk environment has enabled the Bank to continue the normalisation of the interest rate environment.
  • In the current environment, a cautious and gradual approach is warranted.
  • The current level of the base rate is adequate to manage fundamental inflation risks.
  • The external balance has continued to improve. The trend-like improvement in the external balance has been driven by a more favourable energy balance and terms of trade, the adjustment of domestic demand and dynamic export growth.
  • In the coming months, domestic inflation and core inflation will continue to decrease at a rapid pace.
  • The inflation path expected for next year has shifted slightly upwards relative to March due to the Government’s tax measures, and thus the consumer price index may return to the central bank tolerance band in early 2025. Annual inflation may fluctuate between 16.5–18.5 percent in 2023, 3.5–5.5 percent in 2024 and 2.5–3.5 percent in 2025.
See the full policy statement here: https://www.mnb.hu/en/monetary-policy/the-monetary...

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