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NBH to Continue Rate-Cut Cycle if Risk Improvements Persist

HUNGARY
Highlights from the policy statement:
  • In the current environment, a cautious and gradual approach is warranted.
  • If the improvement in risk perceptions persists, the Bank will continue to close the gap between the interest rate conditions of one-day tenders and the base rate.
  • With the acceleration of disinflation, the domestic real interest rate will soon move to positive territory, which will help to achieve the inflation target.
  • Global risk appetite has fallen since the July policy decision.
  • In the coming months, domestic CPI inflation and core inflation will continue to decrease at a rapid pace… inflation is expected to decline to the single digit range during the autumn. The consumer price index is expected to return to the central bank tolerance band in early 2025.
  • This year’s economic performance is expected to be improved by the correction in agricultural growth.

See full release here: https://www.mnb.hu/en/monetary-policy/the-monetary...

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