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NBH to Keep Rates on Hold as Alternative Instruments Remain Main Monetary Tools

HUNGARY
  • The NHB are expected to keep rates on hold at 13.0% at today’s central bank meeting (1300GMT/ 1400 local time) as the NBH continues to use alternative liquidity measures as the main monetary tool moving forward. The rate announcement follows a decision yesterday by the government to cap interest rates on commercial bank deposits as part of a series of continued regulatory interventions. See full MNI Preview including sell-side analyst views here: https://roar-assets-auto.rbl.ms/files/21179/MNINBHPrevNov22.pdf
  • Foreign Minister Szijjarto told the Atomexpo forum in Sochi that sanctions must not be allowed to curb the security of Hungary's energy supply, "I honestly hope that not a single European country will hinder this investment project… the security of energy supplies is now a matter of national security and national strategy" he said. Meanwhile, state secretary of the foreign ministry Menczer said energy-related sanctions against Russia should be scrapped "and new sanctions shouldn't even be mentioned”.
  • Elsewhere, following the oil discovery near Budapest yesterday, Bloomberg report that Mol expects output to eventually rise to between 700 and 1,000 barrels per day, boosting Mol’s crude production in Hungary by about 10%, the refiner told state news agency MTI.
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