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NBH Rate Decision in Focus, Finance Minister to Speak

HUNGARY
  • The NBH rate decision will take focus today. A 100bp cut to the one-day deposit rate is the unanimous consensus among sell-side though the path of the 13% base rate is less clear beyond this juncture. See our preview here.
  • Hungary's current account showed a EUR690m surplus in Q2, after eight consecutive quarters of deficits, data released by the central bank show.
  • Finance Minister Mihaly Varga is currently speaking at the conference "Focus on the forint - Economic Policy and Investment Challenges in 2024", with his presentation titled "Returning to the growth path".
  • MTI report that the Hungarian Banking Association has agreed to draft a package of measures banks can take to support the recovery of the lending market. "The economic development minister established that the banking sector is generating windfall profits, which would justify the introduction of a bigger windfall profit tax or a new bank levy. However, at present, the economy needs this money more than the budget, so the government expects banks to make greater efforts in the interest of supporting the lending recovery," the ministry said on Tuesday.
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