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NBH Cut 1-Day Deposit Rate 100bps to 17%

HUNGARY
Highlights from the policy statement:
  • In the Monetary Council’s assessment, the persistent improvement in risk perceptions has enabled the Bank to take additional steps towards the normalisation of the interest rate environment.
  • In accordance, the Council decided to reduce the interest paid on optional reserves by 100 basis points, from 18 to 17 percent at today’s meeting, with effect from 24 May. In addition, the O/N collateralised lending rate serving as the top of the interest rate corridor was lowered by 100 basis points to 19.5 percent.
  • According to the Council’s assessment, it is warranted to reduce the interest rate on the one-day quick deposit tenders and foreign exchange swap tenders by 100 basis points.
  • The current level of the base rate is adequate to manage fundamental inflation risks.
  • It is necessary to maintain the current level of the base rate over a prolonged period… In the current environment, a cautious and gradual approach is warranted.
  • If the improvement in risk perceptions persists, the Bank will continue the gradual convergence of the interest rate conditions of one-day tenders to the base rate.
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