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Hungary Can Override EU Ruling In Some Limited Cases

HUNGARY
  • Hungary can override EU rules in cases of joint jurisdiction between a member state and the bloc and where the country believes its constitution may be infringed (BBG).
  • Earlier this morning, PM Orban mentioned on public radio that Hungary must keep budget spending on wages un control in a sustainable way.
  • Orban also added that the data indicates that Hungary is passing the peak of the virus wave.
  • Yesterday, the NBH continued to raise its 1W deposit rate by 20bps to 3.30% in order to curb inflationary pressures and ease the selling pressure on HUF.
  • Next week, the NBH is likely to raise its benchmark rate by 30bps to 2.4% (maintaining the pace).
  • The 1W deposit rate is now the effective rate and is expected to continue to rise slowly in the coming weeks (towards 4% in Q1 2022), with the benchmark rate expecting to converge towards the 1W deposit rate next year.
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