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NBH Rate Decision in Focus with 75bp Cut Expected

HUNGARY
  • The central bank will propose Deputy Governor Barnabas Virag as the next chairman of the Budapest Stock Exchange, business website VG reports. The BSE’s board will hold an extraordinary general meeting Dec 21 to recall its current Chairman Mihaly Patai, who is also a Deputy Governor at the central bank, and elect a new one. The NBH, which controls the bourse, declined to comment on the report.
  • Unions and employers associations signed on Monday an agreement to raise the minimum wages, the economic development ministry said. Under the deal, the monthly minimum wage for unskilled labourers will rise by 15% to 266,800 forints (EUR704), while the minimum wage for skilled workers will increase by 10% to 326,000 forints as of December 1.
  • Focus will turn to the NBH rate decision (1300GMT/1400CET) where the central bank are widely expected to deliver another 75bp cut to the base rate following guidance from officials that the pace of easing be maintained from the October decision. See the full preview, with a summary of sell-side analyst views, here.
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