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HUNGARY: NBH Minutes Underline Familiar Messaging

HUNGARY
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

The NBH released the minutes of its latest rate-setting meeting. Highlights below:

  • The Monetary Council discussed two options: leaving interest rate conditions unchanged and reducing interest rates by 25 basis points.
  • Decision makers established that there were several strong arguments in favour of both options; however, leaving the base rate unchanged was a better fit to a stability oriented approach to monetary policy in the current economic environment.
  • Members were of the view that confidence indicators in Europe had shown an unfavourable picture; therefore, external demand might remain subdued for a more prolonged period
  • The volatility in the risk environment continued to call for caution […] However, some members underlined that a reversal had taken place in risk indicators from the middle of August.
  • Members underlined that the incoming data for August might significantly reduce uncertainty around the inflation path for this year.

Full release here.

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The NBH released the minutes of its latest rate-setting meeting. Highlights below:

  • The Monetary Council discussed two options: leaving interest rate conditions unchanged and reducing interest rates by 25 basis points.
  • Decision makers established that there were several strong arguments in favour of both options; however, leaving the base rate unchanged was a better fit to a stability oriented approach to monetary policy in the current economic environment.
  • Members were of the view that confidence indicators in Europe had shown an unfavourable picture; therefore, external demand might remain subdued for a more prolonged period
  • The volatility in the risk environment continued to call for caution […] However, some members underlined that a reversal had taken place in risk indicators from the middle of August.
  • Members underlined that the incoming data for August might significantly reduce uncertainty around the inflation path for this year.

Full release here.