Free Trial

NBH Reiterates Commitment to Reining in Inflation

HUNGARY
  • The NBH has reiterated its commitment to reining in the EU’s fastest inflation, which remains “unacceptably high,” according to statement.
  • "Hungary's fundamental strategic goal is to continue the economic catch-up that started again in the last decade and to achieve a sustainable growth path. The biggest threat to our goals, in addition to the war taking place in our neighbor, is the high inflation currently affecting the economy, therefore the most important task of the domestic national economy is to permanently reduce inflation." the statement says.
  • Meanwhile, Economy Development Minister Marton Nagy requested lenders to set an interest rate ceiling for newly issued corporate and retail loans as of Oct 9 to boost lending momentum, according to Bloomberg. He reiterates that the banking sector tax currently in place won’t be raised if lenders boosted lending activity, in turn pushing Hungary back to economic growth from a recession.
  • The Ministry requested banks to set interest rate level of 12% for new business working capital loans and at 8.5% for retail mortgage loans.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.