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NBH Stress Current Risks Warrant Cautious Approach

HUNGARY
NBH minutes echo previous central bank rhetoric. Below are some selected highlights:
  • In the Council’s assessment, the risks to the global economic outlook were being exacerbated by a further rise in geopolitical tensions. Several Council members noted that the Gaza-Israel conflict could cause a renewed, significant international financial market uncertainty.
  • The decision-makers pointed out that although global trends pointed to the continuation of disinflation, renewed and significant rises in oil and gas prices could stall the process.
  • The Council was in agreement that despite the favourable trends, inflation continued to be unacceptably high.
  • The Council was in agreement that the existing risks… warranted a cautious and careful approach to monetary policy.
  • Of the three options discussed, Council members unanimously voted to reduce the base rate and the interest rate corridor by 75 basis points.

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