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NBH Rate Decision in Focus Today (1300BST/1400CET)

HUNGARY
  • Consensus calls for further easing of the Bank’s monetary policy tools at today’s meeting (1300BST/1400CET) with another 100bp cut to the effective rate as the risk backdrop improves and disinflation dynamics continue. Recent HUF weakness is unlikely to deter the central bank from pausing its easing cycle.
  • Hungary’s government is looking for ways to soften the budget impact of mounting central-bank losses tied to the highest interest rates in the EU, Bloomberg report. Responding to criticism that a draft budget for 2024 failed to account for the losses as required by law, Cabinet Minister Gergely Gulyas told reporters that the government will seek to “minimise” the fiscal outlay. The NBH estimates that more than $1b may be needed to recapitalise it next year.
  • The government is continuing to work to boost the economy and preserve jobs, partly because they are the foundation of the resources for next year's budget, Gulyas said as per MTI. Gulyas also said the government has adopted an economy protection action plan introducing a price cap on electricity in certain economic sectors.
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