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Government Extends Cap on Interest Rate on Deposits

HUNGARY
  • The Economic Development Ministry has decided to extend a cap on interest rates on deposits at the three-month discount T-bill rate until June 30, MTI report. The measure was introduced on November 22 and was set to expire at the end of March.
  • The ministry noted that some institutional investors had "taken advantage of the situation" and put their money in deposits paying interest as high as the 18% paid on the central bank's O/N deposits at quick tenders.
  • The ministry said the government also decided to prohibit the unrestricted transfer of central bank discount bills.
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