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Inflation Remains The ‘Main Enemy’ of The Country (NBH Virag)

HUNGARY
  • The NBH decided to raise its policy rate by 30bps to 2.4% (vs. 2.5% market consensus), continuing its gradual monthly tightening cycle.
  • The NBH commented that it sees further rate hikes to slow inflation and also plans to end its government bond purchase plan.
  • The central bank is expected to raise its 1W depo rate by ‘at least’ the pace of reserve hike.
  • NBH Deputy Virag mentioned during the press conference that inflation remains the ‘main enemy’ of the country.
  • The NBH also reviewed its inflation forecast to the upside to 4.7%-5.1% for 2022, up from 3.4%/3.8% earlier.
  • Hungary is planning to cut its budget deficit below the 5.9% of GDP current target next year, Finance Minister Mihaly Varga (BBG).
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