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NBH Likely To Accelerate Pace Amid HUF Weakness

HUNGARY
  • The NBH is likely to accelerate the pace of its tightening cycle and hike its policy rate by 100bps on June 28 as HUF weakness keeps supporting inflation expectations.
  • The central bank is also likely to proceed with a 30bps in the 1W depo rate on June 30, which would increase the ‘effective’ policy rate to 7.55%.
  • Geopolitical uncertainty (Russia 'default') has been weighing on the Hungarian forint, which fell to a new all-time low (vs. EUR) on Monday following the Russia headlines.
  • Justice Minister Varga mentioned earlier that Hungary is ready for EU talks to reach deal on Rule of Law after sending response.
  • Yesterday, Foreign Minister Szijjarto said stated in a video that Hungary is ‘not even willing to negotiate about any potential embargo on Russian gas’ as it would undermine the economy.
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