Free Trial

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Hungary Can Override EU Ruling In Some Limited Cases

  • 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.

To read the full story

Why Subscribe to


MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.