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Hungary to Delay Central Bank Law Change Until Autumn

HUNGARY
  • Hungary’s government plans to delay a controversial change to the legislation governing the central bank until the autumn, Economy Minister Marton Nagy said as per Bloomberg. The government hasn’t scrapped the initiative, but it is in consultation with the central bank to make sure that the monetary-policy authority’s independence is respected.
  • Concerns over the proposed law and its implications on central bank independence led to a substantial rally in EUR/HUF earlier this month, resulting in the cross reaching a cycle high of 399.75. Consequently, many sell-side analysts have revised their calls for the size of the NBH rate cut tomorrow, given the instability in Hungarian markets justify a more cautious stance.
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