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MNB's Virag says Monthly Rate Rises Will Continue to Stem Inflation Risks

HUNGARY
  • On Friday, PM Orban announced in his regular radio interview that Hungary was preparing to ease more Covid restrictions (i.e. wearing of a mask) as 5.5mil people have now received at least one dose of the vaccine. Hungary reported its first day without Covid deaths after 10 months.
  • Orban said that the Hungarian government had taken decisions on expanding telecommuting, on export credit and on the launch of job-creating investments in 17 cities, in order to stimulate the economic recovery according to Bloomberg.
  • In an interview with Vilaggazdasag, Deputy MNB governor Virag said the central bank will continue to raise rates in monthly steps to stem inflation risks. Virag added that "the size of the July decision will no doubt be key", and that "it would be a mistake to underestimate the risk of a sustained rise in inflation".
  • This week, investors will strongly focus on NBH minutes on July 7 and the June CPI print coming out on July 8, which is expected to decelerate to 4.9% from 5.1%.
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