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NBH Expected to Hold Rates at 13% (1300GMT/1400CET)

HUNGARY
  • The NBH rate decision takes focus today (1300GMT/1400CET), where rates are widely expected to be held at 13% after Deputy Governor Virag hawkishly called for a “patient” approach to tackling inflation earlier this month. See full MNI Preview including sell-side analyst views here: https://roar-assets-auto.rbl.ms/files/51592/MNINBH...
  • The timing of Virag’s post-decision presser is yet to be confirmed. His December presser began approximately 90 minutes after the decision, while the January presser followed 1 hour after.
  • Hungary needs monetary easing as soon as possible as interest rate levels are an “extreme burden” for the economy, Minister Nagy said in an interview with Index news website. “I can only hope that the MNB starts monetary easing as soon as possible and that excessive caution doesn’t carry the day,” he said. Meanwhile, inflation will not be removed unless peace has been secured and Brussels has withdrawn sanctions, Prime Minister Orban said in an address opening the spring term of parliament.
  • Foreign Minister Szijjarto explained that Hungary is holding up NATO expansion due to the EU’s criticism of Hungary’s democracy and rule-of-law, which has seen over $30b of funding frozen, Bloomberg report. “How can they expect a quick and fair decision when all we hear about is how in Hungary there’s no democracy, rule of law, media freedom and judicial independence, which are all lies,” Szijjarto said in a Facebook video. Hungary’s legislature is scheduled to start debating NATO enlargement on Wednesday, with a vote likely in the second half of March, Cabinet Minister Gulyas said over the weekend.
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